1225 Victorian Avenue, Sparks, NV 89431
In June 2014, The Siegel Group acquired a 157-unit vacant hotel building in Sparks, Nevada that was formerly part of the 1600 room, John Ascuaga’s Nugget Casino Resort.
The Nugget Casino Resort consisted of two 29-story towers and one 5-story building constructed for a cost of over $100 million that was sold to a major casino operator in October 2013.
The operator intended to spend an additional $50 million to improve and remodel the Nugget Casino Resort but the 5-story, Siegel Suites Sparks building did not fit into their master redevelopment plan, providing The Siegel Group with the unique opportunity to acquire the building well below replacement cost. The Siegel Group initiated a large scale renovation and converted the Property to its successful Siegel Suites business model.
Notable improvements and enhancements to the property included:
- Converted hotel rooms to studio apartments
- Increased the occupancy from 0 percent to 85 percent in seven weeks
- Painted exterior with brand colors
- Added new signage
- Updated lighting around the property
- Designed and installed a new boiler and chiller system for the building
- Built the Siegel Suites office, and a guest laundry facility
- Converted the existing wedding chapel into a retail space which created a true mixed use building
- Added flat screen televisions, full sized refrigerators and microwaves to all of the rooms
- Installed new sliding glass doors
- Re-piped portions of the building with new drainage
- Renovated pool