Siegel’s Response to a Tough Economy: Get Creative and Don’t Make Excuses
April 27, 2009
LAS VEGAS — Stephen Siegel, Chief Executive Officer of The Siegel Group Nevada, Inc., today unveiled an aggressive marketing and cross-promotional advertising campaign targeting residents of his Siegel Suites Residential Communities; a portfolio comprised of approximately 3,000 multi-residential units located throughout Nevada. Under terms of the innovative campaign, residents are eligible to receive coupons each time a rent payment is made entitling them to a free breakfast that can be redeemed at either of Siegel’s two hotel-casino properties which include The Gold Spike Hotel & Casino in Downtown Las Vegas and Siegel Slots & Suites located by Nellis Air Force Base. Residents are provided 20 coupons per month with each coupon allowing them to choose between two predetermined selections; a hardy egg or pancake breakfast served with toast and choice of bacon or sausage that is served 24 hours a day at both locations. Initial response to the program which has just recently been implemented at each Siegel Suites has been overwhelming with lines stretching out of both restaurants of residents taking advantage of this innovative amenity.
“The multi-residential market is unquestionably more challenging than a year ago but Las Vegas continues to have a healthy population and stable economic base that will only continue to improve” explains Siegel. “When times are tough it is easy to sit around and make excuses for why business is bad. I have never tolerated this reactive outlook and impress upon my employees the importance of being proactive and providing superior customer service, making sure our properties are safe, secure and in the best condition possible so that we can continue to be successful. Those that survive this downturn are going to need to provide excellent customer service and product, aggressively market it and develop cross-promotional opportunities that create loyalty while providing exceptional value. Our free breakfast program was systematically designed to provide value and an amenity our competition cannot offer that provides us with a competitive advantage in the multi-residential market while simultaneously exposing our tenants to our local hotel-casino properties which is an entertainment venue our target demographic frequents and enjoys.”
Siegel’s free breakfast program originated from his loyalty-rewards program Siegel’s ClubSM which is currently in development. This unique program is designed to create a synergy and cross-promotional opportunities between his growing Nevada portfolio which includes multi-residential apartment complexes, hotel-casinos and destination resorts and will provide exclusive promotions, discounts, and giveaways 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 Siegel Group Properties. Siegel is actively looking to acquire additional assets including apartment complexes, senior housing and local casinos that will build upon his successful business model and rewards program.
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, value-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, 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.
Contact
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com or by phone at (702) 947-8322.
