The Siegel Group Acquires Downtown Las Vegas Trophy Property
February 26, 2024
LAS VEGAS — The Siegel Group, a real estate investment and management company, announced today that it had acquired 517, 523 and 525 Fremont Street and 100 S. 6th Street in downtown Las Vegas. The off-market transaction was closed in under 30 days in an all-cash purchase of $11 million.
Sitting on half a city block along Fremont Street and located between Las Vegas Boulevard and 6th Street, the acquisition included four contiguous retail properties comprised of over 19,000 square feet of leasable space fully occupied by a mix of successful restaurant, bar and nightclub tenants. The area is very popular area among both locals and visitors for its wide-range of nightlife activities and is located just steps from the world-famous Fremont Street Experience, the second busiest pedestrian street in America that attracts over 24 million visitors annually.
The Siegel Group has actively supported and invested in downtown Las Vegas since 2004. One of the company’s major contributions to the revitalization of this area came in 2008 when it acquired the struggling Gold Spike Hotel & Casino and adjoining shuttered Travel Inn Motel which it renovated and combined together; successfully rebranding as the first boutique hotel-casino in downtown Las Vegas which it subsequently sold to Tony Hsieh. The company also owns and operates a substantial number of Siegel Suites® apartment communities, retail and development properties along Fremont Street and the surrounding downtown area.
Stephen Siegel, President of The Siegel Group stated “We are excited that we were able to acquire this trophy generational asset in such a historical area. This is one of the most unique areas in all of Las Vegas and opportunities to acquire properties in this one-of-a-kind location are extremely rare. We are proud to keep these Las Vegas landmarks under local ownership and look forward to further expanding our presence in the downtown area.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and can move quickly and close transactions without any financing contingencies. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
About The Siegel Group
The Siegel Group, a real estate investment and management company headquartered in Las Vegas, Nevada and founded by Stephen Siegel, 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. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, office, restaurants and bars. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
Contacts
The Siegel Group
Chief Business Officer
Michael Crandall: 702-947-8322
