Downtown Project Buys Gold Spike; Redevelopment Plans Coming Up

The Gold Spike has been a staple of the downtown area since its opening in 1976. The boutique hotel originally opened as the Rendezvous, offering guests 112 rooms over seven floors, as well as a total gaming space of around 5,800 square feet. The property first traded hands in 1983 when casino mogul Jackie Gaughan bought the property that had been closed down for a number of months. The real estate investor then sold the property to Barrick Gaming in 2002, as part of a three-property deal. After a string of deals, the property became part of The Siegel Group Nevada’s portfolio in 2008, following a deal worth $21 million.

The Downtown Project is continuing a steady stream of acquisitions intended to transform central Las Vegas into what the non-profit redevelopment group calls “the most community-focused large city in the world.” Its latest purchase: the Gold Spike Hotel and Casino, which organization acquired from The Siegel Group Nevada Inc. The Downtown Project will announce its plans for the property in the next several months.

The Gold Spike has been a Downtown staple since its opening in 1976 as the 112-key Rendezvous. Downtown Project’s acquisition is the latest in a series of ownership changes during the past decade. In 2002, Barrick Gaming acquired the property from Jackie Gaughan. Most recently, the Siegel Group bought the Gold Spike five years ago in a $21 million deal.

The property is located near old Las Vegas City Hall, which is itself the subject of a redevelopment project. Zappos, the online retailer, is converting into the building into its new headquarters and plans to move in this fall. Tony Hsieh, Zappos’ CEO, also oversees the Downtown Project.

Gold Spike employees will be redirected towards new job opportunities at The Siegel Group’s other local properties, which include the Artisan Hotel Boutique and the Resort on Mount Charleston, or to the Downtown Project itself.

Image courtesy of user Wtstoffs via Wikimedia Commons