The Siegel Group Expands Reno Footprint with Acquisition of the Nevadan
February 9, 2015
LAS VEGAS—February 9, 2015 — The Siegel Group Nevada, Inc., The Siegel Group Nevada, Inc., a Real Estate Investment and Management Company, today announced that it had acquired the Nevadan Hotel in Reno, Nevada for $2.7 million. Also acquired was an adjacent retail property controlled by the seller totaling approximately 26,591 square feet. The seller was an affiliate of the principals that own and operate the Club Cal-Neva Casino located directly across the street from both properties who previously operated the former Virginian Hotel Casino before it was acquired by The Siegel Group in December 2013.
Built in 1977 and located in the heart of downtown Reno on Virginian Street, the 16-story, 152,000 square foot property contains 182 rooms, two levels of subterranean parking, and a non-restricted gaming license with 21 slot machines currently in operation that will be operated by the Club Cal-Neva under a space lease agreement. First order of business for The Siegel Group which plans to convert the hotel property to a mixed-use development is to begin addressing the substantial years of deferred maintenance that is common with properties of this age and size. Planned upgrades include a new roof, elevators, heating and cooling systems, new flooring throughout the property and upgrades to all rooms and common areas. The Siegel Group’s development plan for the property includes converting the 182 rooms to its signature Siegel Suites business model which provides apartment accommodations with a host of amenities to tenants seeking short and long-term living arrangements with flexible payment options. The 2nd and 3rd floors of the property will be converted to office space while the 1st floor will contain a rental office, gaming and the addition of multiple retail spaces. The company will also be working with a local architect on façade improvements to the property. Beginning immediately the property will be renamed Siegel Suites Nevadan and will mark the brands 5th location in the Reno/Sparks market. In addition to the company’s 27 Siegel Suites locations totaling over 5,500 units throughout Nevada, The Siegel Group owns and operates a sizable commercial real estate portfolio comprised of apartments, hotels, retail, office, industrial and land development. Additionally, planned improvements for the adjacent retail center include converting 2nd floor office space that has been vacant for years to traditional apartment units and façade improvements to the building to modernize and create curb appeal.
Stephen Siegel, Founder and Chief Executive Officer of The Siegel Group states: “I’m pleased to have added the Nevadan and the adjacent retail structure to our holdings in downtown Reno. We look forward to providing quality living accommodations to the Reno community and the thousands of new workers that will soon be converging upon the city as a result of the substantial investments being made by businesses like Tesla, Panasonic and new data and distribution centers relocating to the area.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration please email properties@siegelcompanies.com.
About Siegel Suites
Siegel Suites (www.siegelsuites.com) is a trademarked brand of flexible-stay residential communities operated by The Siegel Group Nevada, Inc. With 27 locations and growing throughout Southern, Central and Northern Nevada, Siegel Suites is able to provide quality residences with a host of amenities to customers seeking short and long-term accommodations with properties offering fully furnished units, complimentary utilities and its signature Siegel Suites Rewards program (www.siegelsuites.com/rewards) that allows residents the opportunity to earn points for paying their rent which can be used towards Free Rent, food, movies, electronics and more. The company’s target demographic are long-term tenants that prefer the all-inclusive residential product and the flexibility of paying rent on either a weekly, semi-monthly or monthly basis without a long term rental commitment or credit requirement.
About The Siegel Group Nevada, Inc.
The Siegel Group, a Real Estate Investment and Management Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, has acquired and repositioned hundreds of commercial properties over the years and 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 apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at https://siegelcompanies.com.
