The Hilton at the time was one of only four Las Vegas casinos able to compete for the business of the "whales", the top tier of high rollers. In 1998, Hilton spun off its casino properties, including the Las Vegas Hilton, as Park Place Entertainment. Hilton's timeshare arm, Hilton Grand Vacations, began construction of a complex at the northeast corner of the property in 1998. It opened in 1999 with 230 suites. Around 1999, Park Place began seeking a buyer for the Las Vegas Hilton, because the company hoped to concentrate on its properties on the Las Vegas Strip, especially the newly acquired Caesars Palace. In 2000, Park Place agreed to sell the Hilton to Edward Roski Jr. for $365 million. Roski planned to transform the Hilton to shift its focus away from high rollers and toward convention attendees. The deal fell through, however, and the property was locked up in litigation between Park Place and Roski until 2003, when they settled their claims against each other. The Las Vegas Monorail opened in 2004, with one of its stations located at the Hilton. The system had been under construction since 2001. Hilton had led the group of hotels that had promulgated the proposal for the monorail as early as 1996. In June 2004, Caesars Entertainment (formerly Park Place) sold the Las Vegas Hilton to Colony Capital for $280 million. Colony partnered in the purchase with Goldman Sachs, which also lent $200 million of the purchase price. In 2005, the Hilton was placed under the banner of Colony's newly formed casino affiliate, Resorts International Holdings, which was headquartered at the property. The Hilton prospered in its first few years under Colony's management, but began losing money in the face of the Great Recession and an oversupply of hotel rooms in Las Vegas. In June 2011, the Hilton began defaulting on payments to Goldman Sachs on the loan. The same month, Hilton Worldwide opted to terminate its franchise agreement with the property, effective at the end of the year, because the facilities had fallen below the standards of the Hilton brand. Goldman Sachs issued a foreclosure notice in September 2011. At Goldman's request, a court appointed a receiver to take control of the property. On January 3, 2012, the Las Vegas Hilton became the LVH – Las Vegas Hotel and Casino, as the contract to use the Hilton brand ended. Colony Capital initially tried to fight against foreclosure of the property, but ultimately concluded that its equity in the LVH was worthless, and agreed to let the foreclosure proceed.