LAS VEGAS
The Siegel Group Nevada has announced that it closed on a deal to acquire the six-story, 202 room hotel on Paradise and Flamingo roads for $4.2 million.
According to Siegel Group, the property once known as the Crowne Plaza had been closed to make way for a large scale renovation around 2007 after it had been bought by its former owners. The lender to those former owners, Lehman Brothers, filed for bankruptcy protection leaving a $66 million debt tied to the Atrium Suites Hotel.
Renovation halted and the place laid empty as the debt note tied to the hotel was acquired in bankruptcy court by the current seller, Siegel Group said. The property had been foreclosed upon in July of last year. The company, which operates boutique hotels including Rumor Hotel, the Artisan, the Resort on Mt. Charleston and Gold Spike Hotel and Casino, said it expects to release plans on what it will do with the property in the first quarter of this year.
Options include revamping the property into its well-known boutique motif or operating the property under a national hotel flag. The hotel will operate a block away from sister property Rumor Hotel.
