Friday, December 6, 2013
LAS VEGAS — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had acquired the Virginian Tower in Reno, Nevada for $2.38 million. The seller was a French organization with numerous hotel and casino properties located throughout Europe. This marks The Siegel Group’s 2nd acquisition in the downtown Reno core in the last 90 days.
Built in 1987, the 16-story property totals approximately 175,000 square feet and is located on Virginia Street in downtown Reno directly adjacent to City Hall and is in close proximity to a number of well-known attractions including the Truckee River, ice skating venue Rink on the River, Reno Aces Baseball Stadium, the University of Reno, a variety of neighborhood restaurants and various redevelopment projects taking place in the area. The property features rooms, suites, restaurants and bars, banquet and office space, a non-operational casino floor, retail outlets and multiple parking levels.
Vacant since 2004, the property was commonly known as the Virginian Hotel & Casino and previously operated in conjunction with the contiguous Club Cal-Neva Casino. As the property has been well maintained and secured over the years, The Siegel Group will be primarily focusing on addressing any deferred maintenance issues and making needed improvements. Simultaneously the company will be exploring the feasibility of various mixed-use opportunities aimed at maximizing the property’s value and revitalizing the surrounding area and will be entering into discussions with potential tenants that have expressed interest in leasing the location.
Stephen Siegel, Founder and Chief Executive Officer of The Siegel Group states: “I’m pleased to have located a fantastic asset in a great location that possesses such incredible potential. The development of a vibrant and cohesive downtown core is essential to the success of any revitalization process. We are eager to take part in this undertaking and will continue to advocate for downtown Reno’s resurgence.”
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. 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 www.siegelcompanies.com.
To obtain further information regarding this release, please contact Michael Crandall via email at email@example.com or by phone at (702) 947-8322.