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Business & Finance

The Siegel Group Nevada Completes Sale of 92-Unit Siegel Suites® St. Louis in Las Vegas, Nevada for $7.30 Million

LAS VEGAS, NV. November 9, 2017 — The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced today that it had completed the sale of its Siegel Suites® St. Louis, a 92-unit multi-residential complex in Las Vegas, Nevada, for $7.30 million. The Siegel Suites® brand was not included as part of the sale and all branding and signage was immediately removed prior to closing. The buyer was an investor based out of California that was involved in a 1031 exchange and aggressively pursued the acquisition of the property. Cathy Jones with Sun Commercial Real Estate exclusively represented the marketing and sale of the property on behalf of the company. Located directly across from the Stratosphere Hotel & Casino, the property was originally acquired by The Siegel Group in May 2006. This property is just one of the 43 Siegel Suites branded properties that are part of the company’s larger portfolio comprised of approximately 100 commercial properties.

Stephen Siegel, President of The Siegel Group stated: “This is the first Siegel Suites® location we have sold since establishing the brand in 2005. We are not sellers when it comes to our Siegel Suites® and Siegel Suites Select® brands which we are aggressively expanding and currently total approximately 43 locations throughout Nevada, Texas, Arizona and New Mexico. However, we recently decided to begin disposing of a handful of smaller Siegel Suites® locations that contain fewer than 100 units and were acquired when our brand was first established that no longer align with our investment criteria of properties ranging from 150-500 units. While we decided to sell this particular location, and obtained a sales price we could not turn down, we are expanding our presence in Las Vegas and other markets and will be announcing numerous new Siegel Suites® locations that will be coming online between now and the 1st quarter of 2018.”

The Siegel Group which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels and apartments, hotels, retail, office, and development projects is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. 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 real estate investment and management company founded by Stephen Siegel with offices in Las Vegas, Nevada and Studio City, California, 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 many businesses and a commercial real estate portfolio comprising of multi-residential apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.

Contact:
Michael Crandall
818.255.3600

Coming Up In The December Online Hotel Business Review




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Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.