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 September Online Hotel Business Review


Feature Focus
Hotel Group Meetings for 2015
As the economy continues to improve, hotels are finally luring back business travelers, including those who are participating in group meetings and conventions. According to The Global Business Travel Association, group travel spending has grown 5.3% to $117.1 billion in 2014, a figure that well exceeds previous expectations. Given that group business accounts for as much as 30-40% of total revenues for a hotel operation, this is welcome news indeed. Still, this is no time for complacency. Savvy hoteliers are incorporating new creative ideas into their operations in order to satisfy their clientele and to differentiate themselves for their competition, with the ultimate goal of making meetings easier, more comfortable and even more fun. The emphasis seems to be on making group meetings “less institutional” and “more residential”. One hotel chain has created meeting spaces that are more like lounges than standard conference rooms. Another offers its guests unusual food options like make-your-own trail mix stations and smoothie bars. Still another provides its guests with mobile apps that will let them make requests — from ordering coffee and food to changing the room temperature — without ever leaving the meeting room. Technological innovations are also of paramount concern as meeting planners are demanding that the latest innovations be available to attendees including universal wireless Internet access, videoconferencing capabilities, charging stations, and a secure protected environment in which to conduct proprietary business. Finally, some hotels are offering more breakout rooms in order to encourage smaller and more intimate interchanges among attendees after long group sessions throughout the day. The September Hotel Business Review will examine what some hotels are doing to facilitate this segment of their business and to meet the expectations of their guests.