The Siegel Group Nevada, Inc., a commercial real estate and development company, on Friday said it has completed the sale of the Artisan Hotel Boutique.
Artisan is a 64-room, boutique hotel located in Las Vegas. The reported sales price was $11.9m.
The Siegel Group describes itself as one of the first companies to have brought boutique hotels to Las Vegas – starting in 2007. The company has specialized in off-Strip properties, bringing this unique style to Las Vegas with the Artisan Hotel Boutique, and previously with The Gold Spike Hotel & Casino, Oasis at Gold Spike, The Resort on Mount Charleston, and Rumor Boutique Hotel, all of which were sold in recent years.
The Siegel Group noted it acquired the Artisan in 2009 and quickly renovated, rebranded, and repositioned the property, transforming the location into one of the most well-known and visited boutique hotels in Las Vegas.
According to Siegel, the Artisan became famous for its full property buyouts, which the company said had never been done before in the city. The hotel gained a loyal following among locals, tourists, and boutique enthusiasts who were drawn to the location’s eclectic design and hip, intimate atmosphere. The unique hotel contained a bar-lounge with a popular after-hours scene, a restaurant, wedding chapel, and one of the few topless pools in town.
“We are extremely proud of the success and reputation established by the Artisan over the past 13 years,” Michael Crandall, Senior Vice President of The Siegel Group, said in a statement. “It was the last property in a strong portfolio of boutique hotels The Siegel Group created in the Las Vegas market. It will always be a part of the history of this city. We are excited about some new very large acquisitions in Las Vegas which we plan to announce very soon.”
