The Siegel Group Expands Its Las Vegas Portfolio with Strategic Property Acquisition
April 24, 2024
Las Vegas, NV – The Siegel Group, a leader in real estate development and management, proudly announces its latest addition: the former Gateway Motel, strategically positioned at the intersection of Charleston and Las Vegas Boulevard in downtown Las Vegas, Nevada. This significant $5,950,000 all-cash investment, completed within a swift 40-day timeframe, underscores the company’s unwavering dedication to enhancing its footprint in the dynamic Las Vegas market.
Established in 1931, the Gateway Motel holds a prestigious legacy on its prime 1.22-acre plot along the iconic Las Vegas Boulevard. Featuring 47 units, the property presents an appealing opportunity for redevelopment and revitalization. Under The Siegel Group’s management, the property will undergo extensive renovation, rectifying years of neglect and substandard upkeep.
This acquisition seamlessly complements The Siegel Group’s existing property, Siegel Suites Charleston, a 64-unit flexible-stay apartment complex acquired and operated since 2010. With the integration of these properties, The Siegel Group will offer a total of 111 units at this location under its esteemed brand, Siegel Suites®, renowned for providing fully furnished apartment-style accommodations, inclusive of utilities, and flexible payment options with no long-term commitment.
Looking forward, The Siegel Group envisions a vibrant mixed-use development for the combined 1.65-acre site, incorporating retail and residential components. This forward-thinking approach underscores the company’s commitment to realizing the full potential of its properties and driving the ongoing revitalization of downtown Las Vegas.
Stephen Siegel, President of The Siegel Group, expressed his enthusiasm about the acquisition, stating, “We are thrilled to integrate this remarkable site with our contiguous property and restore it to local ownership. It’s a rare opportunity to acquire such a prime corner property at a bustling intersection on Las Vegas Boulevard with immense future development potential.”
The Siegel Group continues to actively pursue value-added properties across the United States, prioritizing swift and efficient transaction execution. Property owners seeking opportunities are encouraged to reach out via email at properties@siegelcompanies.com.
About The Siegel Group:
Headquartered in Las Vegas, Nevada, The Siegel Group has been dedicated to community-focused operations, development, and commercial real estate management for over two decades, founded by Stephen Siegel. Specializing in underperforming and value-added properties, the company possesses extensive expertise in operations, management, finance, marketing, branding, and redevelopment. Its diverse portfolio includes multi-residential complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, and office spaces. For more information, visit www.siegelcompanies.com.
Contact:
Michael Crandall
Chief Business Officer
The Siegel Group
Phone: 702-947-8322
