LAS VEGAS--(BUSINESS WIRE)--The Siegel Group, a real estate investment and management company, announced today that it had acquired three parcels totaling approximately 10 acres on Las Vegas Boulevard. The purchase price was $75 million and the seller was an out of state lender who had taken back the properties from the previous owner.
Situated along Las Vegas Boulevard and Convention Center Drive, the three parcels are sandwiched in between some of the largest and well know developments on the Las Vegas Strip. These include luxury hospitality resorts Encore at Wynn to the south, the Genting Group’s $4.3 billion Resorts World directly across the street to the west, the $2.3 billion Fontainebleau to the north and the recently completed $1 billion Las Vegas Convention Center expansion to the east. The Siegel Group owns an additional 3 acres that are contiguous to the three parcels which currently house Siegel Select Convention Center, a location operated under the company’s extended-stay brand, and Siegel's Bagelmania, a popular modern-day Jewish delicatessen and bakery. These additional parcels increase the total acreage of the development site to approximately 13 acres. All five parcels are zoned H-1 Limited Resort and Apartment, which is the most valuable and versatile designation as it allows for a variety of developments, including gaming enterprises, compatible commercial, and mixed commercial and residential uses.
While the seller received multiple offers that exceeded that offered by The Siegel Group, they ultimately chose the company due to its ability to close quickly on an all-cash transaction, which was accomplished in just 45 days using exchange proceeds from a number of recent sales. With no lender or investor involvement, the company is not under any time constraints to develop the parcels, and plans to take its time strategizing the right development that will maximize the use and value of what is the last great piece of land available on the north strip. This sentiment is shared by many potential developers and tenants, who began expressing interest in the development immediately after the company put the property under contract.
Stephen Siegel, President of The Siegel Group stated, “We’ve been waiting years to acquire a large piece of land on the strip and have been watching this site for a long time. When this opportunity presented itself there was no question that we had to purchase it. This is a phenomenal property that will one day soon have a development worthy of such an irreplaceable location on the Las Vegas Strip.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and can 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
The Siegel Group, a real estate investment and management 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.
