Hotel Buyer Banks on LVCC Expansion
- Jan 30, 2016
Las Vegas – With the expansion of the Las Vegas Convention Center on the way, investors are looking to establish a presence on Convention Center Drive. Among them is The Siegel Group Nevada, and its recent acquisition of the Rodeway Inn Convention Center hotel signals that the company is doubling down on the prospects for the planned global business district, as well as the convention center expansion.
Acquired for $6.1 million in an off-market transaction, the 102-key property at 220 Convention Center Drive will be turned into an extended-stay hotel. The new owners have re-branded the asset as the Siegel Suites Select—Convention Center to emphasize its location and attract guests attending events at the facility.
With the Las Vegas Convention and Visitors Authority now carrying out their plan to demolish the Riviera Hotel it acquired for about $182 million, the nearby area has fresh prospects for revival.
Following room renovations that will include the addition of flat screen TVs, WiFi capability, a façade redesign, and a comprehensive update of the furniture, the property will be ready to cash in on the area’s rapidly growing demand. According to Siegel Group’s president, Stephen Siegel, the company had been following the availability of the property since 2007, when it operated as the Villa Roma Inn. “This location has enormous upside potential, and I look forward to playing a role in the redevelopment and revitalization of the area,” Siegel said in a statement.
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