X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-The Siegel Group Inc. of Los Angeles and Tippins Holdings have acquired the former Travel Inn motel on Las Vegas Boulevard in Downtown Las Vegas and an associated parking lot on the other side of the block, fronting North Fourth Street. The properties, which total one-half acre and abut both the Gold Spike Casino, which Miami developer Greg Covin is under contract to acquire and reposition as a boutique hotel, and a city-owned property that sits across Stewart Avenue from City Hall.

Stephen Siegel and John U. Tippins IV are having conversations about potential plans for the entire block with Covin and others, including national boutique hotel developers. The properties sit one block from Fremont Street Experience, a pedestrian-only, canopy-covered entertainment corridor that attracted nearly 19 million visitors last year, and the city’s new Fremont East entertainment district, which is under development.

“We believe in the potential of Downtown Las Vegas,” says Tippins, who with partners is among the biggest landowners Downtown. “I bought into his vision four years ago and have invested significant time and the majority of my financial resources in Downtown.”

The purchase price was $5 million. The seller was Banamex Capital. Acquisition financing was provided by First Regional Bank of California. “This is an incredible redevelopment opportunity that will complement our existing Las Vegas portfolio,” says Siegel.

Siegel Group’s real estate division owns a portfolio of multifamily and flexible-stay units, commercial shopping centers, office buildings and hotel developments. Its Vegas holdings include several large apartment properties and a shopping center. In January, it paid $15 million for a 186-unit extended stay hotel and a contiguous seven-acre parcel located five miles southeast of Downtown at 3625 Boulder Highway, near Exit 70 from Interstate 515.

Tippins Holdings owns a variety of product-types including apartment, hotel, casino, retail, office, land and bars throughout Nevada, Colorado and Arizona. Tippins is also the owner and broker of Northcap Commercial, a commercial brokerage company that has done hundreds of millions of dollars a year in transactions during the last three years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.