Acquisitions & Hotel Openings

The Siegel Group Acquires the Artisan Hotel in Foreclosure, Las Vegas, Nevada

LAS VEGAS, NV - January 18, 2010 - Garrett Capital LLC, an affiliate of The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had foreclosed upon the Artisan Hotel; a 64 key boutique hotel situated on 1.35 acres after having recently acquired a promissory note secured by a First Deed of Trust from a mid-Western lender. Prior to the foreclosure, the property had been placed in bankruptcy by the former owners whose many problems with City, County, and Federal authorities had been widely reported on throughout local media channels. The Siegel Group has assumed operational control of the property which it will continue to operate utilizing the Artisan name and is committed to repositioning the property; quickly identifying and correcting long-standing operational issues that have recently negatively impacted the hotel’s reputation. The first order of business will be rebuild and maintain the loyal following the hotel has developed over the years and focus on implementing the superior customer service that is the touchstone of successful boutique hotels. The Siegel Group will be focusing much of its attention on correcting deferred maintenance issues and modernizing aspects of the hotel while expanding the amenities and services provided.

Located on West Sahara Avenue just minutes from the Las Vegas Strip, The Artisan Hotel is one of the few true boutique hotels in the Las Vegas market and has developed a following among locals and boutique enthusiasts due to its eclectic design and hip, intimate atmosphere. The hotel which had received rave reviews over the years contains a popular bar-lounge, restaurant, wedding chapel and secluded pool and cabana area that provide an ideal venue for events and private parties which will be aggressively promoted and expanded under the new ownership. The Siegel Group will be looking to immediately hire qualified employees to help reposition the property and is one of the few local companies that has been consistently creating jobs during these challenging economic times as it continues to expand its portfolio.

Stephen Siegel, Founder and President of The Siegel Group states: “The Artisan is an extremely cool property and will compliment our existing boutique hotel collection currently comprised of the St Tropez Hotel scheduled to open April 2010 and located directly across from the Hard Rock Hotel & Casino and The Resort on Mount Charleston. While many big-box providers in the Las Vegas market are trying to spin themselves as boutique hotels, our collection is representative of the true boutique hotels found throughout Los Angeles, New York and Miami which focus on providing exceptional style and service on an intimate scale. I look forward to expanding the visibility of the property and re-introducing this hidden treasure and showing people the incredible potential this property possesses.”

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, valued 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, extended-stay, 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 www.siegelcompanies.com.



To obtain further information regarding this release, please contact:
Michael Crandall
email: mcrandall@siegelcompanies.com
Phnre: (310) 597-9221.

Coming Up In The August Online Hotel Business Review




Feature Focus
Food and Beverage: Going Local
"Going local" is no longer a trend; it’s a colossal phenomenon that shows no sign of dissipating. There is a near obsession with slow, real, farm-to-table food that is organic, nutritious and locally sourced. In response, hotel chefs are creating menus that are customized to accommodate all the vegans, vegetarians, gluten-free, paleo, diabetics and other diet-conscious guests who are demanding healthy alternatives to traditional restaurant fare. In addition, there is a social component to this movement. In some cases, chefs are escorting guests to local markets to select fresh ingredients and then visit a local cooking school to prepare their purchases. Other hotels are getting guests involved in gardening activities, or exploring local farms, bakeries and the shops of other culinary artisans. Part of the appeal is in knowing the story behind the food - being personally aware of the source and integrity of the product, and how it was handled. In addition to this "locavore" movement, there are other food-related developments which are becoming popular with hotel guests. Small plate and tasting-only menus are proliferating around the country. Tasting-only special event menus offer numerous benefits including guaranteed revenue per customer, reservations usually made weeks in advance, and an exciting dining option for guests to experience. Bread and butter are also getting a makeover as chefs are replacing bread baskets with boards, and replacing butter with custom-flavored spreads. One dining establishment offers a veritable smorgasbord of exotic spreads including garlic mostarda, vanilla tapenade, rosemary hummus, salsa butter, porcini oil and tomato jam, to name just a few. The August issue of the Hotel Business Review will document some current trends and challenges in the food and beverage sector, and report on what various leading hotels are doing to enhance and expand this area of their business.