Siegel Group acquires prime Las Vegas Strip parcels

Developer nabs ‘trophy property’ for $75m in cash.

Real estate investment and management company The Siegel Group on Thursday said it has acquired three parcels totaling approximately 10 acres on Las Vegas Boulevard.

The company said the purchase price was $75m. The seller was an out-of-state lender who had taken back the properties from the previous owner.

According to Siegel Group, the three parcels make up a “trophy property” situated along Las Vegas Boulevard and Convention Center Drive, and are sandwiched in between some of the largest and well-known developments on the Las Vegas Strip.

These include luxury hospitality resorts Encore and Wynn to the south, the Genting Group’s $4.3-bn Resorts World directly across the street to the west, the $2.3-bn Fontainebleau to the north, and the recently completed $1-bn Las Vegas Convention Center expansion to the east.

The Siegel Group noted it owns an additional three acres that are contiguous to the three parcels. That property currently houses Siegel Select Convention Center, a location operated under the company’s extended-stay brand, and Siegel’s Bagelmania, a modern-day Jewish delicatessen and bakery.

Officials said the additional parcels increase the total acreage of the development site to approximately 13 acres. All five parcels are zoned H-1 Limited Resort and Apartment, which the company asserted is the most valuable and versatile designation as it allows for a variety of developments, including gaming enterprises, compatible commercial, and mixed commercial and residential uses.

While the seller received multiple offers that exceeded that offered by The Siegel Group, the seller reportedly ultimately chose the company due to its ability to close quickly on an all-cash transaction, which was accomplished in just 45 days using exchange proceeds from a number of recent sales.

With no lender or investor involvement, The Siegel Group said it is not under any time constraints to develop the parcels, and plans to take its time strategizing the right development that will maximize the use and value of what it characterized as “the last great piece of land available on the north Strip.”

Stephen Siegel, President of The Siegel Group, said this sentiment is shared by many potential developers and tenants, who he said began expressing interest in the development immediately after the company put the property under contract.

“We have been waiting years to acquire a large piece of land on the Strip and have been watching this site for a long time,” Siegel said in a statement. “When this opportunity presented itself there was no question that we had to purchase it. This is a phenomenal property that will one day soon have a development worthy of such an irreplaceable location on the Las Vegas Strip.”

Michael Bartlett

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