When I first started making models in Lightwave there were a number of things that I did not realise about some of the tools i was using. I did not realise that I was often duplicating polygons right on top of the existing polys, doubling the poly count and not even noticing that it had been done. Several tools had similar effects, greatly increasing complexity and poly/point count to no effect on the looks. It may be that you have a similar issue with this model, something which is increasing the poly count massively without you noticing. A model as simple as this should only be in the region of a few thousand polys. If it's way more than that you may have done something wrong and not realise.