Siegel Group Nevada still working on plan for former Atrium Suites
Time gets away from all of us at one point or another.
More than a year ago, the Siegel Group Nevada and a small private investment group purchased the former Atrium Suites Hotel, and planned to reopen the property around now.
But the building is still unfinished and Michael Crandall, the group’s senior vice president, said it’s primarily because the company hasn’t had time to decide what to do with it.
He said they’ve been focusing on sprucing up the Artisan and the Resort on Mount Charleston, and boosting occupancy at the company’s low-cost apartments, the Siegel Suites.
The former Atrium Suites at 4225 Paradise Road is adjacent to the Hard Rock Hotel. A year ago, plans were to partner with a national hotel brand such as Hilton or Marriott, and to cater to budget-conscious conventioneers. The building has at least 8,000 square feet of conference space, is within walking distance of McCarran International Airport and is 1.5 miles from the Las Vegas Convention Center.
Today, the Siegel Group isn’t sure what they’re going to do with the bare-bones building.
“We’re still working through some ideas for the property,” said Crandall. “Nothing’s holding us back from doing it, other than time. We definitely still have plans for the property. We look at it as a significant piece of our portfolio.”
The six-story building sits on approximately 3.75 acres. Each of the 202 rooms is more than 500 square feet.
The County Recorder’s office shows that it was owned by A/P Hotel LLC, which recorded a purchase in September 2007 for $50.5 million.
LV Opportunity Fund in July 2011 paid just $2 million for the property, which had been closed for large-scale renovations that never occurred. The Siegel Group paid $4.2 million for the building in December 2011.
Meanwhile, renovation of the Artisan and the Resort on Mount Charleston are to begin this spring. Expect changes to Artisan’s ultralounge, nightclub and restaurant.
The Mount Charleston property’s restaurant, bar, lobby and banquet rooms will be remodeled at a cost of roughly $1 million.
“Mount Charleston, it just needs a face-lift. It’s a little bit dated,” Crandall said. The group is still working on a budget for the Artisan’s updates, he said.
As for the company’s apartment segment, citywide occupancy is almost back to pre-recession levels at 94 percent, up from the mid-80s during the past few years.
“It’s still down from where we were, but we’re really working on getting that up,” Crandall said.
He attributed some of the rise in occupancy to the implementation of a program earlier this year that rewards residents with prizes each time they pay rent.
Contact reporter Laura Carroll at lcarroll@reviewjournal.com or 702-380-4588. Follow @lscvegas on Twitter.
