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September 28, 2007

Textron agrees to loans for Las Vegas development

PROVIDENCE -- Textron Financial Corporation, a subsidiary of Providence-based Textron Inc., has agreed to provide loans to Westgate Resorts to pay for the $400-million Planet Hollywood Towers development in Las Vegas.

The 50-story residential development, on the Las Vegas Strip, is expected to open in two years. It will give owners access to the Planet Hollywood Resort & Casino.

“The closing of this deal is testament to the financial strength and the industry and product expertise Textron Financial offers to all our customers,” Jay Carter, president of Textron Financial, said in a statement today.

The loan is the largest ever by Textron Financial's Resort Finance Division, established in 1990.

Westgate Resorts, based in Florida, is affiliated with Central Florida Investments Inc.

-- Journal staff writer Benjamin N. Gedan

Posted by Mike McKinney  at 6:00 PM | Permalink

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