April 30, 2013 --A Lake Las Vegas luxury hotel with a history of financial woes is changing its name for the second time.

The 349-room Ravella at Lake Las Vegas will become a Hilton-branded hotel by June, said Benson Lee, regional director of hotel operations for landlord Kam Sang Co.

The Mediterranean-style hotel already is listed on Hilton Worldwide's website as the Hilton Lake Las Vegas Resort & Spa.

Kam Sang, based in Arcadia, Calif., bought the 13.8-acre Henderson hotel site and adjacent one-acre Casino MonteLago last November for $46.9 million. It was one of the most lucrative real estate deals of the year in Southern Nevada.

But the Ravella's occupancy rate is only about 50 percent, well below February's regional average of 83.5 percent. The new brand should boost occupancy by 10 percent to 20 percent, largely because of the improved name recognition, Lee said.

There are more than 540 Hilton hotels and resorts in 78 countries; there is only one Ravella. Lee said his company bought the hotel with the intention of rebranding it, although the day spa will keep the "Ravella" name.

The hotel opened in 2003 as a Ritz-Carlton. Deutsche Bank, however, foreclosed in 2009 and the Ritz shut its doors the next year. Dolce Hotels and Resorts took over the lease in 2011 and reopened it as the Ravella.

Meanwhile, Casino MonteLago closed in 2010 because of the Ritz's closure but reopened last year.

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