December 10, 2008
LAS VEGAS — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company and Great American Capital (GAC) today announced that the two companies have formed a joint-venture. Under terms of the agreement, The Siegel Group will acquire a 50% interest in The Mount Charleston Hotel and take managing control of the property. SASCO Properties, a Division of The Siegel Group Nevada, Inc., will immediately assume operational control of the property to correct long-standing management and deferred maintenance issues and increase the hotel’s visibility. An extensive marketing campaign will be launched and the property rebranded beginning with the name which will be changed to The Resort on Mount Charleston.
Located just 35 minutes from Downtown Las Vegas and situated high in the Toiyabe National Forest, The Resort on Mount Charleston is surrounded by majestic mountainous surroundings and breathtaking views. The area is well known among outdoor enthusiasts for the wide variety of recreational activities it offers which include hiking, camping, skiing, and horse-back riding. Long considered a touchstone among residents and visitors of Mount Charleston, the resort is situated on 5.76 acres and contains 64 rooms, gaming, a full-bar, restaurant, banquet facilities and spa. Additionally, the resort is the ideal location to host weddings, family reunions, birthday celebrations and corporate retreats. The climate with its crisp, clean air is a welcoming escape throughout the year providing snow and skiing during the winter months as well as a refuge from the heat during the summer when temperatures throughout Nevada soar into the 100’s with Mt Charleston averaging in the vicinity of 70-75 degrees.
Since being constructed, the prior owners of the Mount Charleston Hotel had never been able to successfully market or bring in the amenities needed to attract customers and were unsuccessful in their attempts to operate the property. The Siegel Group’s proven ability at repositioning troubled assets as well as its expertise in the areas of management, marketing, branding and renovation will enable the company to restructure operations and quickly obtain profitability. Additionally, The Siegel Group plans a major cosmetic renovation to modernize the facilities and correct deferred maintenance issues. The exterior of the property will undergo a substantial renovation with great attention given to maintaining the resort’s current character and architectural features. Additionally, the lobby, restaurant and banquet facilities will be upgraded and each of the 64 rooms will be completely remodeled and modernized with services and amenities such as room service, in-room movies and high-speed internet. Future amenities that may possibly be added as the renovation progresses include a in-door swimming pool, tennis and basketball court, wine bar, observation deck with telescopes for star gazing, cigar-lounge, hot chocolate bar, full service spa and hair-nail salon as well as workout facilities providing classes such as yoga and spinning. The addition of these amenities will be instrumental in helping attract visitors and brand this boutique resort as both a destination resort and local getaway.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group states: “We are so excited to have acquired such a unique, one-of-a-kind asset in such an irreplaceable location as Mount Charleston. The resort has long been a hidden oasis and get-away that many Las Vegas residents never knew existed. We want to introduce this unique location with its rich history, scenic beauty and family-friendly atmosphere to local Las Vegans as well as the scores of tourists that frequent this great city. Our primary goal is to clean-up and modernize the property and rebrand and extensively market this incredible destination resort while ensuring that we provide our valued clientele with an unforgettable experience and superior customer service.”
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, valued 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 which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at https://siegelcompanies.com.
About Great American Capital
Great American Capital (GAC), headquartered in Las Vegas, Nevada with offices in California and Arizona, specializes in the acquisition, development, and management of income producing assets. With a large portfolio that includes retail and apartment complexes, hotels, resorts, industrial projects, mini-storage facilities and condominium developments, GAC has consistently produced properties that have proven successful in today’s competitive marketplace. For more information on Great American Capital, please visit the company’s website at www.greatac.com.
To obtain further information regarding this release, please contact Michael Crandall via email at firstname.lastname@example.org or by phone at (310) 597-9221.