The Siegel Group Acquires Distressed St. Tropez Hotel in Las Vegas, Nevada
The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of the St. Tropez, a 150 room all-suite hotel situated on approximately 4.09 acres of land in Las Vegas, Nevada. The purchase price was $10.5 million with financing provided by the seller which just weeks earlier foreclosed on the property.
Located on the desirable Harmon Corridor directly across from the main entrance of the Hard Rock Hotel & Casino and just blocks from the Las Vegas Strip, the unique resort is comprised of a two-story, low-rise structure that surrounds a picturesque courtyard, a characteristic not found among Las Vegas resorts but common among many well-known boutique resorts found throughout the California market. The majority of suites contain living rooms with large Jacuzzi tubs and private balconies and patios with views overlooking the expansive courtyard and resort-style pool and spa.
This acquisition represents an incredible redevelopment opportunity for The Siegel Group which has a proven track-record of repositioning troubled assets throughout the Las Vegas market. The company will be commencing a substantial renovation to first address deferred maintenance issues that will be repaired within the first 60 days followed by improvements to modernize the facilities which it anticipates will be completed within 8 months. In the near term, the property will be reopened within the next 30 days and like most properties acquired by The Siegel Group will remain operational throughout the renovation process.
While the company plans to continue utilizing the St. Tropez name, plans are underway to redevelop the property into a high-end boutique resort with a number of niche concepts currently being considered. A host of amenities will be added that may possibly include a restaurant, bar, outdoor event center and nightclub, concierge and limousine service and an outside yoga studio. In order to adequately staff the planned boutique resort, The Siegel Group estimates that approximately 80 new jobs will be created within the Las Vegas market as a direct result of its acquisition of the St. Tropez.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, states: 'The St. Tropez is an incredible property with great bones and character that is a welcomed addition to our growing portfolio. This one-of-a-kind property with its unique layout and irreplaceable location possesses immense upside potential and I am confident that the niche business model we plan on implementing at the location will be an immediate success once fully executed despite the challenging hospitality market we are all presently confronted with.'
The Siegel Group is actively looking to acquire value-added properties throughout the Las Vegas market and is working closely with lenders and private parties to take over distressed assets.
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