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and 50-Unit Waldorf=Astoria Fractional Project Within the Lake Las Vegas Resort |
| ORLANDO, Fla. March 26, 2007 - Hilton Hotels Corporation (NYSE:HLT)
through its timeshare division Hilton Grand Vacations Company, LLC, announced
plans today to build a spectacular project featuring 200 Hilton timeshare
units and a 50-unit luxury fractional Waldorf=Astoria component within
the Lake Las Vegas Resort in Henderson, Nevada.
The project will be developed on a 17.5 acre lakefront parcel overlooking the 17th hole and the 18th tee of the Jack Nicklaus designed Reflection Bay Golf Course. Development of the project is currently in the design phase, with groundbreaking targeted for early 2008 and an opening date projected for fall of 2009. In January 2006, The Waldorf=Astoria Collection® of luxury hotels was announced to extend the cachet of New York's legendary Waldorf=Astoria® hotel. The Waldorf=Astoria project at Lake Las Vegas Resort will be the first fractional lodging product to be developed by Hilton. "Hilton Grand Vacations is thrilled to announce that this spectacular new ownership project, including our first luxury fractional component, is being planned to enhance Hilton�s lodging portfolio in Las Vegas,� said Antoine Dagot, President and CEO, Hilton Grand Vacations, LLC. �Lake Las Vegas is a spectacular location, offering us an extraordinary opportunity to provide our clientele with two distinctive, upscale ownership options � one bearing the renowned Hilton name and one a luxurious Waldorf=Astoria.� Hilton Grand Vacations Company will be responsible for the sale of ownership interests and the property management of the Hilton Grand Vacations� and Waldorf=Astoria products. The project will offer a distinctive array of guest amenities highlighted by an expansive full-service spa, golf course privileges, and access to the 320 acre Lake Las Vegas. �We are very excited about the development of Lake Las Vegas for Waldorf=Astoria Collection fractional residences. We believe these new fractional residences, our first in this arena, is a great brand extension for The Waldorf=Astoria Collection of hotels and will set a new standard for its luxury offerings and its outstanding features,� said David Greydanus, senior vice president � brand management for The Waldorf=Astoria Collection. �The Hilton timeshare and The Waldorf=Astoria fractional projects are the perfect addition to Lake Las Vegas Resort,� said Ronald F. Boeddeker, Chairman of Transcontinental Properties, Inc., the managing partner of Lake Las Vegas Resort. �Lake Las Vegas Resort offers residents and guests top-quality lodging and living choices by some of the world�s top hospitality names and the nation�s top builders. We welcome the addition of the Hilton developments to our unique resort destination.� About Lake Las Vegas Resort Lake Las Vegas Resort is a premier residential resort destination situated on a privately owned, 320-acre lake located 17 miles from the Las Vegas Strip. Within the 3,592-acre master planned resort are residential offerings including custom home sites, waterfront and golf villas, resort condominiums and luxury executive homes. Lake Las Vegas Resort is also home to a collection of three challenging golf courses by Jack Nicklaus and Tom Weiskopf, with a fourth course currently under construction designed by Tom Fazio. Available to residents and guests are spas, full-service marinas with watercraft rentals and yacht cruises, and MonteLago Village, an enclave offering water�s edge restaurants and cafes, boutiques and the 40,000-square-foot Casino MonteLago. For more information, call (877) LLV-LAKE (558-5253) or visit www.lakelasvegas.com. About The Waldorf=Astoria Collection The Waldorf=Astoria Collection launched in January 2006, is the new elite brand designation of Hilton Hotels Corporation, building upon the legend that company founder Conrad N. Hilton called �The Greatest of Them All.� The Waldorf=Astoria in New York City. The Waldorf=Astoria Collection currently has hotels in New York City, La Quinta, California, Maui, Hawaii, Phoenix and Jeddah, Saudi Arabia. The brand announced Waldorf=Astoria Residences for Las Vegas at the Conrad Las Vegas (2009), and have announced two new Waldorf=Astoria Hotels: Bonnet Creek/Orlando (2009) and Beverly Hills (2010). About Hilton Grand Vacations Hilton Grand Vacations Company, LLC (HGVC) is a division of Hilton Hotels Corporation (NYSE:HLT), recognized as the leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages two innovative club membership programs, Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel and reservation services for 114,000 Club Members. Visit www.hiltongrandvacations.com for more information. |
| Contact:
Hilton Grand Vacations Company
The Waldorf=Astoria Collection
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