Las Vegas-based re-developer The Siegel Group recently purchased the Nevadan Tower in Reno, for .7 million which includes an attached retail property. Michael Crandall, Siegel Group senior vice president said, “We’ve already shown that we’re bullish on Reno and we’ve been pretty active in this market.” He added, “We saw this as another great property to add to our portfolio.”
The property was previously known as the Onslow Hotel Casino, until purchased by the Club Cal Neva in 1999 for $1.85 million. It was then renamed as the Nevadan Hotel Tower when it opened in 2002 with their 181 hotel rooms remodeled. The Nevadan will be a hotel no more, as the Siegel Group will place its trademark low-cost apartment based formula on the property.
The purchase adds to the Reno properties for the group. Its first Reno property was purchased five years ago, when the same low-cost apartment formula was used on the Senator Hotel. Since then, transactions have included acquisitions of the Virginian and El Cortez in downtown Reno in addition to the former Nugget Courtyard in downtown Sparks.
The Siegel Group specializes in the purchase of undervalued of distressed properties and fixes them up. The El Cortez and Former Nugget Courtyard, renamed Siegel Suites Sparks, are set to open on February 15. The Virginian had been closed for a decade as work continues on it. Siegel was in town to see how his properties were doing, and said he wants more properties in the area. “We’re hoping to bring up the number of properties we own in the area to 10 by the end of the year,” Siegel said.
