LAS VEGAS--(BUSINESS WIRE)--The Siegel Group Nevada, Inc., a Commercial Real Estate & Development Company, announced today that it had completed the sale of the Artisan Hotel Boutique; a 64-room boutique hotel located in Las Vegas, Nevada. The sale price was $11.90 million.
The Siegel Group is proud to be one of the first companies to have brought boutique hotels to Las Vegas starting in 2007. As a long-time leader in off-strip, boutique hotel properties, The Siegel Group not only brought this unique style to Las Vegas with the Artisan Hotel Boutique, but also with The Gold Spike Hotel & Casino, Oasis at Gold Spike, The Resort on Mount Charleston, and Rumor Boutique Hotel, all of which were sold in recent years.
The Siegel Group acquired the Artisan in 2009 and quickly renovated, rebranded, and repositioned the property, transforming the location into one of the most well-known and visited boutique hotels in Las Vegas. The Artisan became famous for its full property buyouts, which had never been done before in the city. The hotel gained a loyal following among locals, tourists, and boutique enthusiasts who were drawn to the location’s eclectic design and hip, intimate atmosphere. The unique hotel contained a bar-lounge with a popular after-hours scene, a restaurant, wedding chapel, and one of the few topless pools in town.
Michael Crandall, Senior Vice President of The Siegel Group, states: “We are extremely proud of the success and reputation established by the Artisan over the past thirteen years. It was the last property in a strong portfolio of boutique hotels The Siegel Group created in the Las Vegas market. It will always be a part of the history of this City. We are excited about some new very large acquisitions in Las Vegas which we plan to announce very soon.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and is able to move quickly and close transactions without any financing contingencies. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
About The Siegel Group Nevada, Inc.
The Siegel Group, a commercial real estate and development company headquartered in Las Vegas, Nevada, and founded by Stephen Siegel, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, office, restaurants and bars. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
