Lake Las Vegas Ritz-Carlton Set To Close

by Deidre Woollard (RSS feed)
Feb 9th 2010 at 1:01AM

More bad news out of the Lake Las Vegas development. We've been watching the resort area slowly implode since last June and now USA Today's Hotel Check-In says that the Ritz-Carlton Lake Las Vegas will shut down at the start of May putting around 400 people out of work. The 348-room resort is owned by Village Hospitality, an arm of Deutsche Bank which has decided to case funding the hotel.

It's the latest blow to an area that has been hard hit in the recession. The resort destination, 17 miles away from the Las Vegas strip, features a manmade lake surrounded by an Italian-style village. It started off with grand fanfare as a quiet luxury alternative to the high-powered glitz of the Las Vegas strip. Real estate boomed and several different hotels settled in. But in the developer, Transcontinental Corp., lost the property in foreclosure after defaulting on $540 million in loans and the new owners of Lake Las Vegas filed for Chapter 11 bankruptcy in 2008. The Reflection Bay Golf Course at Lake Las Vegas closed last August leaving just one course, the private SouthShore course in Henderson, available for play. The Lake Las Vegas real estate market remains clogged with multimillion homes. The resort area faces many challenges including a still-slumping Las Vegas tourism market, a second home market that refuses to rebound and a water bill that runs into the millions jacking up the homeowners association fees.

Tags: lake las vegas, LakeLasVegas, nevada real estate, NevadaRealEstate, real estate development, real estate developments, RealEstateDevelopment, RealEstateDevelopments, ritz-carlton

Filed under: Luxury Travel & Hotels, Real Estate Developments

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Reader Comments (Page 1 of 1)

David Feb 10th 2010 9:23PM

I think the term "imploding" is being a bit dramatic. What this article fails to mention is that Lake Las Vegas is schedule to emerge from bankruptcy in April 2010. The plan looks positive for the community as a whole. Yes, LLV has been affected by the bad economy, but the area is in the process of re-setting itself from the housing bubble. It is rumored that either the Falls or Reflection Bay Golf course will re-open in April after the bankruptcy is finalized.

Many of the 2nd home condos that went into forclosure have all been bought up. Out of over 350 condo-hotels in Viera and Luna, there are only a few available (10 or so) to purchase now. The HOA's are strong as the banks had to catch the dues up to date and the new owners can now afford to pay the dues with the lower or no mortgage payments. (all sales were cash) In fact, there are very few homes for sale in Lake Las Vegas. Do your own MLS search to prove this.

The restaurants are doing well in the village and in fact a local Vegas restaurant just opened up its second location in the former Como's spot.

As a homeowner in Lake Las Vegas I have never heard one mention about HOA dues going up because of the water. I recently saw construction workers building homes in the Bella Fiore neighborhood, which is a sign that things are improving. There are many free events still going on in the Village and the weekend concerts will return in the spring.

This reporters prior article on Lake Las Vegas was a gloom and doom article with a negative slant as well. This is not accurate reporting. Once again, Thanks for nothing Dierdra.