Regions Southwest
World's Tallest Timeshare Tops Off in Vegas
July 3, 2008
By: Barbra Murray, Contributing Editor

The $1.2 billion PH Towers by Westgate in Las Vegas has reached a pivotal point in development with the attainment of the highest point of vertical construction. Located at the Planet Hollywood Resort & Casino, the upscale 52-story PH Towers (pictured) will be the tallest timeshare building in the world.

A Westgate Resorts project, the 3.2 million-square-foot PH Towers will also hold the distinction of being the first vacation ownership resort to be fully integrated with a major resort and casino complex. The 2,500-guestroom Planet Hollywood Resort debuted last year, having been reinvented from the former Aladdin Resort & Casino via a $1 billion makeover, and will provide direct access to PH Towers. Ground broke on PH Towers in 2006 and in 2007, Westgate Resorts closed on a $400 million construction and development loan for the project. Ultimately, the Morris Architects-designed timeshare property will feature approximately 1,200 luxury timeshare units, as well as a casino, a 35,000-square-foot convention center, a restaurant and 16,000 square feet of retail space.

Bovis Lend Lease Americas is overseeing construction of PH Towers. Completion of the first phase of the project is on schedule to take place next summer.

Headquartered in Orlando, Westgate is the largest privately owned timeshare company in the world, with a portfolio of 10,000 units at 28 resorts in 11 states. Presently, the company has an additional 4,500 units in its development pipeline.

 
Recent Southwest Headlines
Houston Firm Bought in August Sells Manufacturing Facility
Oct. 10, 2008
Less than two months after being absorbed by a Russian manufacturer, the largest independent tubular manufacturer in North America, John Maneely Co. (JMC), has sold its 188,800-square-foot facility in eastern Houston to Miami-based Elite Sales Inc., an importer and wholesale distributor of wire rope, cable, strand, chain and hardware, for an undisclosed amount.
In Vegas, El-Ad Wins Battle over Plaza Name
Oct. 07, 2008
A $5 billion resort casino planned for the Las Vegas Strip will be able to be operate under the Plaza brand after a jury ruled that the developers could use that title despite the fact that another property in the city also goes by the Plaza name.
JCPenney Expands Houston Presence with 2 New Stores
Oct. 06, 2008
J.C. Penney Co. Inc. is swinging open the doors of two new locations in the Houston area, increasing its portfolio of new department stores in the market over the last three years to nine.
University Medical Center Buys Land for 500,000-SF Biotech Park in Dallas
Oct. 06, 2008
The University of Texas Southwestern Medical Center acquired a 13-acre site from the City of Dallas for the development of BioCenter at Southwestern Medical District, a 500,000-square-foot biotech park.
HFF Arranges $90M Refi for Houston CBD Office Building
Oct. 03, 2008
The Houston office of Holliday Fenoglio Fowler L.P. has announced  that it arranged a $90 million refinancing for 5 Houston Center, a 580,175-square-foot, Class A office building in Houston’s central business district.