Tuesday, July 13, 2010

Starwood plans Takeover of Riviera

Starwood Capital Group will be taking over the Riviera. Riviera Holdings Corp. filed for Chapter 11 bankruptcy reorganization on Monday. The reorganization will give Riviera's debt holders primary control of the company - Starwood had purchased a large portion of Riviera's debt in March, and had since been negotiating the planned takeover of the company.

From a tourist's perspective this is will probably be a good thing. Starwood will have the money and desire to make some improvements to the hotel, which will make it more competitive. If the Fontainebleau ever opens that would put the Riv in a great location in the middle of two mega-resorts. This seems like a smart move by Starwood in that respect.

Source: Las Vegas Sun.