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.

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Revenue Management: Measuring All Hotel Revenue Streams
Revenue Management is a dynamic and ever-evolving profession and its role is becoming increasingly influential within hotel operations. In some ways, the revenue manager's office is now the functional hub in a hotel. Primarily this is due to the fact that everything a revenue manager does affect every other department. Originally revenue managers based their forecasting and pricing strategies on a Revenue per Available Room (RevPAR) model and some traditional hotels still do. But other more innovative companies have recently adopted a Gross Operating Profit per Available Room (GOPPAR) model which measures performance across all hotel revenue streams. This metric considers revenue from all the profit centers in a hotel - restaurants, bars, spas, conference/groups, golf courses, gaming, etc. - in order to determine the real gross operating profit per room. By fully understanding and appreciating the profit margins in all these areas, as well as knowing the demand for each one during peak or slow periods, the revenue manager can forecast and price rooms more accurately, effectively and profitably. In addition, this information can be shared with general managers, sales managers, controllers, and owners so that they are all aware of and involved in forecasting and pricing strategies. One consequence of a revenue manager's increasing value in hotel operations is a current shortage of talent in this field. Some hotels are being forced to co-source or out-source this specialized function and in the meantime, some university administrators are looking more closely at developing a revenue management curriculum as a strategy for helping the hospitality industry close this gap. The October issue of the Hotel Business Review will address these significant developments and document how some leading hotels are executing their revenue management strategies.