Tuesday, January 6, 2009
LAS VEGAS — The Siegel Group Nevada, Inc., today announced that it has completed the acquisition of the Barcelona Hotel & Casino located in Las Vegas, Nevada. The purchase price equated to approximately 60% of the current appraised value of $21 million. The property, which possesses a non-restricted gaming license and contains approximately 260 slots machines, table games, live sports-book and entertainment, restaurant, bar and 179 rooms, is comprised of three parcels situated on approximately 10.1 acres. In addition to the hotel-casino, the sale included a convenience store with a Shell gas station currently leased by Green Valley Grocery as well as 5.15 acres of multi-family vacant land. SASCO Properties, a Division of The Siegel Group Nevada, Inc., will immediately assume operational control of the property with the exception of gaming which will be managed by United Coin Machine Company while CEO Stephen Siegel goes through the licensing process.
The property will be completely rebranded as a Siegel Slots & Suites; an innovative new concept and business model created by Stephen Siegel to identify and brand his hotel-casino properties that provide accommodations on a daily and weekly basis unlike his Siegel Suites™ locations which do not offer gaming or daily rates and provide traditional apartment residences on weekly and monthly terms. Siegel’s experience as a hands-on operator and success within the multi-residential and hospitality markets will allow him to cross-promote the location among his many Siegel Suites properties and loyal customer base who will receive membership rewards through a newly developed “Siegel’s ClubSM.” This program will enable Siegel to develop a synergy between his growing Nevada portfolio which includes extended-stays, apartments, hotel-casinos and destination resorts and will provide exclusive promotions, discounts, and give-ways that will apply to all facets of operations including free-rent, slot-play, food and beverage as well as complimentary accommodations at any of his twenty-two Siegel Group Properties.
Conveniently located off the I-15 at Craig Road and just blocks from Nellis Air Force Base, The Barcelona Hotel & Casino is situated around expanding rooftops and retail developments with a variety of business and industrial centers and is nearby the Las Vegas Motor Speedway. What makes the Barcelona both unique and valuable is the absence of any direct competitors within a four-mile radius of the property which will enable the Siegel Group to capitalize on an underserved area and growing local’s population; the companies target demographic.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group Nevada, Inc., states “This has been an exciting year for our company with the Barcelona Hotel & Casino marking our sixth acquisition during 2008. This property like most of our acquisitions has tremendous upside-potential and we are fortunate to once again have acquired such a value-added property at a substantial discount in an area with minimal competition. I love and believe in Las Vegas for the long-term and my business models have always primarily catered to local Las Vegans who I believe are such an integral part of this great city. As with everything I do, I want to ensure our customers are provided “value” and a “Siegel” quality experience with superior customer service.”
During the last year in a tough economic environment, The Siegel Group has continued to thrive and secure financing based on its track record of acquiring value-added properties at substantial discounts and its proven ability as a business operator. In addition to the Barcelona Hotel & Casino, The Siegel Group’s 2008 Las Vegas acquisitions included The Gold Spike Hotel & Casino, The Mt. Charleston Hotel, the Mark Twain and Casa Palms Apartments as well as Deer Creek; a 330 unit property which was acquired out of bankruptcy.
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 email@example.com or by phone at (310) 597-9221.