Tuesday, August 28, 2007
LAS VEGAS — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company and Tippins Holdings, a multi-faceted real estate investment company, today announced that they had completed the acquisition of the former Travel Inn; a 58-unit hotel located on Las Vegas Boulevard in downtown’s new entertainment district, Fremont East. The Property which is currently vacated is comprised of two parcels situated on ½ acre and is contiguous to the Gold Spike Casino and in close proximity to The Lady Luck Casino which is being acquired by Hollywood-based developers the CIM Group (www.cimgroup). The purchase price was $5 million with financing provided by First Regional Bank of California. Principals Stephen Siegel and John U. Tippins IV are strategizing future plans and have been contacted by several large developers interested in helping to develop the site. “We believe in the potential of Downtown Las Vegas and applaud Mayor Goodman and his staff for the incredible job they have done attracting people to the area. I bought into his vision four years ago and have invested significant time and the majority of my financial resources in downtown” states Tippins who along with his partners are among the largest landowners in the Downtown area.
Located in the heart of downtown, the Fremont East District sits adjacent to the Fremont Street Experience, which was visited by 18.7 million people last year. The City of Las Vegas in conjunction with local businesses is aggressively revitalizing the downtown area and just recently celebrated the completion of a $5.5 million streetscaping effort. “This is an incredible redevelopment opportunity that will complement our existing Las Vegas portfolio and we are excited to be part of the revitalization efforts that are occurring downtown” explains Siegel, President and Chief Executive Officer of The Siegel Group.
About Tippins Holdings
Tippins Holdings, a Commercial Real Estate Investment Company founded by John U. Tippins IV, owns a variety of product-types including apartment, hotel, casino, retail, office, land and bars throughout Nevada, Colorado, and Arizona. Tippins is also the owner and Broker of Northcap Commercial, a commercial brokerage company that has completed hundreds of millions of dollars a year in transactions during the last three years.
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 www.siegelcompanies.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.