Siegel Acquires Artisan Hotel Via Foreclosure
January 20, 2010
By Bob Howard
LAS VEGAS – An affiliate of Siegel Group Nevada Inc. called Garrett Capital LLC has gained title to the 64-key boutique hotel in foreclosure after buying the hotel mortgage from a Midwestern lender and plans to reposition the property, which it will continue to operate under the Artisan name. The new owner plans on expanding the visibility of the property and reintroducing it to the market, according to founder and president Stephen Siegel of the Siegel Group, which operates from offices in Las Vegas and in Studio City, CA.
The Artisan sites on 1.35 acres 1501 W. Sahara Ave. and had been placed in bankruptcy by the former owners. The Siegel Group said in a statement regarding the purchase that it has assumed operational control of the property which it “will continue to operate utilizing the Artisan name and is committed to repositioning the property” and to “quickly identifying and correcting long-standing operational issues that have recently negatively impacted the hotel’s reputation.”
The new owner says that the first order of business will be “to rebuild and maintain the loyal following the hotel has developed over the years,” pointing out that top-notch service is “the touchstone of successful boutique hotels.” The Siegel Group will focus much of its attention on correcting deferred maintenance issues and modernizing aspects of the hotel while expanding the amenities and services, it says.
The Artisan acquisition marks the fourth hotel deal by the Siegel Group in a little more than a year. The others were the 150-room St. Tropez all-suites hotel across from the Hard Rock resort in Las Vegas last fall, the 179-room Barcelona Hotel & Casino at the intersection of East Craig Road and North Nellis Boulevard, just outside the city of North Las Vegas near Nellis Air Force Base and the Mt. Charleston Hotel, a 64-room mountain resort located 35 miles from Downtown Las Vegas in the Toiyabe National Forest.