Siegel Group Plans 2013 Reopening of Former Atrium Suites
By Alex Girda, Associate Editor The Siegel Group is eyeing a summer 2013 reopening for the former Atrium Suites Hotel in Las Vegas, a distressed 202-key asset on Paradise Road, the Las Vegas Sun reported. A group of investors led by [...]
By Alex Girda, Associate Editor
The Siegel Group is eyeing a summer 2013 reopening for the former Atrium Suites Hotel in Las Vegas, a distressed 202-key asset on Paradise Road, the Las Vegas Sun reported. A group of investors led by the company closed on its $4.2 million acquisition of the property last month, three years after the hotel (then known as Crowne Plaza) closed for good in the wake of the Lehman Brothers bankruptcy. Â
Siegel Group bought the property from an opportunity fund that foreclosed on the property last year. The seller had acquired a $66 million note that dated back to 2007. Â CEO Stephen Siegel told the Sun that multiple operators have shown interest in partnering on the property but that no decision has been made.
In its current form, the all-suite property’s amenities include conference and meeting space, banquet facilities, full-service restaurant and cocktail lounge area. Other facilities include a fitness club, a hair salon, and an outdoor pool and bar. Siegel Group’s portfolio of local boutique hotels also includes the Rumor, the Artisan and the Resort on Mt. Charleston.