Hotel Online Special Report

 Las Vegas' Maxim Hotel & Casino Sold to 
Premier Interval Resorts
Newport Beach, CA ­ May 17, 1999 ­ Insignia/ESG Hotel Partners is pleased to announce the sale of the 795-room Maxim Hotel & Casino in Las Vegas, NV.  The property was sold by West Coast Mortgage Limited Partnership to Premier Interval Resorts, Inc. for an undisclosed price.  The team of Jack Carr and Harry Pflueger of the Newport Beach office of Insignia/ESG Hotel Partners represented the seller in this transaction.

The Maxim is located two blocks east of the premier Flamingo Road/Strip intersection.  According to Pflueger, "The Maxim's location so close to the new mega-developments on the Strip was a primary selling point.  The strong comeback of tourism in Las Vegas this year helped move the deal to completion."

The Maxim offers over 38,000 square feet of casino space and extensive food, beverage and recreational facilities.  After Premier Interval completes its renovation of a portion of the hotel rooms to timeshare units, the Maxim will be the first timeshare property in Las Vegas that offers an on-site casino.  Carr comments, "The conversion of this hotel to timeshare represents a trend we are seeing emerge in the Las Vegas market.  Traditional hotels find it difficult to compete with the mega-resort properties, and search for an alternative use."

Insignia/ESG Hotel Partners has extensive experience in selling gaming properties.  The Maxim is one of three major Las Vegas assignments currently being handled by the firm's gaming practice.

Insignia/ESG is one of the largest commercial real estate services providers in the United States, with comprehensive brokerage, property management, facilities management, consulting, investment sales and debt placement operations in many of America's top markets.  Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., a publicly traded real estate company listed on the New York Stock Exchange under the symbol, IFS.  Insignia/ESG Hotel Partners is part of Insignia/ESG's Capital Advisors Group, which focuses on investment sales and debt financing for major properties of all types.  Insignia/ESG Hotel Partners is a leading full service real estate group for the hospitality industry, with brokerage, debt and equity financing, advisory and asset management operations in offices worldwide.  Insignia/ESG Hotel Partners has nine offices in North America, including Atlanta, Boston, Chicago, Dallas, Honolulu, Los Angeles, Miami, New York and San Francisco.

Jim Burba 949.553.0808
Kurt Lindsey 212.687.5500
Also See: Bob Stupak Planning 800 Interval Ownership Units as Part of Planned Titantic Hotel In Las Vegas / April 1999 
Nevada Timeshare Industry Reports Sales of $117 Million; Nearly 80,000 New Owners / Jan 1998 

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