Las Vegas Rumor Boutique Hotel Changes Hands
- Jan 27, 2017
Las Vegas—The Siegel Group Nevada Inc., a real estate investment and management company, has announced that it has closed the sale of the Rumor Boutique Hotel for $18 million. The Siegel Group Nevada Inc. will retain ownership of The Rumor brand, which was not included in the transaction. The new owner has revealed plans to rebrand the property. The Siegel Group plans to relocate the brand to alternate locations in the Las Vegas market but locations have not yet been disclosed.
Located across Harmon Avenue from the Hard Rock Hotel & Casino, the 150-key hotel is different from the other mega-resorts and nationally flagged hotels that dominate the Las Vegas market. The small and intimate boutique hotel is similar to the resorts that can be found throughout the California market.
The hotel was purchased by a Chinese international investment group that paid the full listing price, which was 70 percent higher than the property price. The transaction evidences the Siegel Group’s ability to identify undervalued assets and utilize a hands-on management style to add substantial value to the assets acquired.
Both with Sun Commercial Real Estate Inc., Cathy Jones, CEO of the investment services group, and Josh Smith, vice president of the hospitality division, led the marketing and sales team on behalf of the Siegel Group.
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