LAS VEGAS —January 27, 2016 — The Siegel Group Nevada, Inc., a real estate investment and management company, announced that it had acquired the former Rodeway Inn Convention Center hotel. The sale was an off-market transaction with a purchase price of $6.1 million which The Siegel Group closed in just 30 days.
The 102 unit property is centrally located on Convention Center Drive just one-half block from both Las Vegas Boulevard and the Las Vegas Convention Center (LVCC). The property is adjacent to the former Riviera Hotel and Casino and a mix of commercial properties that front Las Vegas Boulevard all of which are being held in anticipation of a large scale redevelopment of the entire area. The redevelopment will begin with the demolition of the Riviera Hotel, which was recently acquired by the Las Vegas Convention and Visitors Authority (LVCVA) for over $182 million. The LVCVA plans to demolish the property during 2016 to further expand the footprint of the Las Vegas Convention Center and to create a $2.3 billion global business district.
The Siegel Group will be converting this location to its Siegel Suites Select extended-stay brand to capitalize on the business travelers that frequent the numerous tradeshows hosted annually at the nearby Las Vegas Convention Center. As a result of the property’s close proximity to the LVCC, The Siegel Group anticipates that demand for this location will be extremely high among conventioneers that want the convenience of being able to easily walk to the convention center while avoiding the gridlock traffic and costly private transportation costs that are typical with most tradeshows. In addition to addressing deferred maintenance issues caused by years of mismanagement, the company will redesign the façade of the property and update all rooms with modern furniture packages, flat screen televisions, and Wi-Fi.
Stephen Siegel, President of The Siegel Group stated: “I have been attempting to acquire this property since 2007 when it was known as the Villa Roma Inn. The persistence has finally paid off. This location has enormous upside potential, and I look forward to playing a role in the redevelopment and revitalization of 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.
