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Hilton Worldwide has notified Colony Resorts LVH Acquisitions LLC, owner and operator of the off-Strip Las Vegas Hilton, that its franchise agreement will be terminated as of January 1, 2012.
In the quarter ended March 31, the latest quarter for which results are available, Colony Resorts reported a loss of $3.3 million on net revenue of $52 million, an increase from the $2 million loss on $54 million in net revenue for the same quarter in 2010.
Neither Hilton Worldwide nor Colony Resorts would comment on the reasons for terminating what will be an eight-year business relationship at the end of the current contract. The current three-year license, signed in 2009, gives Colony Resorts the right to use the Hilton brand, and it links the property to Hilton's "Honors" loyalty program. — Las Vegas Review-Journal