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 [...]

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.  

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.  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.