LAS VEGAS -- The Ritz-Carlton Lake Las Vegas will close May 2, FOX5 has learned.

An employee said notifications were sent out Monday morning and a hotel official confirmed the closing a few hours later.

The resort, which opened in 2003, is among the top luxury destinations in southern Nevada and recently won the AAA Five Diamond award.

Despite the accolades, the Lake Las Vegas area fell on hard times during the recession. Last year, the three golf courses within the resort were closed or went bankrupt.

USA Today said the move will put nearly 400 employees out of work.

The 348-room resort -- 17 miles away from the Las Vegas Strip -- is owned by Village Hospitality, an arm of Deutsche Bank, according to USA Today.

"They have decided to cease funding the hotel," Ritz-Carlton spokeswoman Vivian Deuschl said. "We reluctantly agreed to close the hotel." Deuschl could not say how much money the resort is losing, USA Today reported.