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The Siegel Group

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The Siegel Group, Inc.
Industryreal estate
Founded2001
Headquarters
Paradise, Nevada
Area served
Studio City, California
Key people
Steve Siegel (President & CEO)
Productsboutique hotels, hotel casinos, restaurants, apartments, bars, office buildings, retail franchises and shopping centers
DivisionsSiegel Suites
Siegel Select
Websitewww.siegelcompanies.com

The Siegel Group, Inc. is a full service commercial real estate firm based in Las Vegas, Nevada and Studio City, California. It is a developer and operator of multi-family, extended stays, flexible stays, retail, hospitality, hotel-casinos, and land development. The Siegel Group’s commercial real estate portfolio spans across the United States with several hundred properties and over $2 billion in transactions.[1]

History

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The Siegel Group was founded in 2001 by Steve Siegel, who serves as chief executive officer and president of the company.[2] It maintains corporate offices in Paradise, Nevada, and Sherman Oaks, California. It has 1000 employees and has been listed as one of Inc. Magazine's 500 fastest-growing private businesses.[1] The company purchases existing hotel and apartment complexes, then converts them into low-cost living facilities.[3]

The Siegel Group also owned the Gold Spike Hotel and Casino in downtown Las Vegas from February 2008 until selling it in April 2013 to Tony Hsieh's Downtown Project.[4][5]

By 2009, the Siegel Suites chain operated apartment complexes in Las Vegas and Mesquite, Nevada, totaling 3,000 units. Siegel had also purchased the Mount Charleston Hotel and renamed it as Resort on Mount Charleston.[6]

In 2009, Siegel Group purchased the closed St. Tropez, a 150-room hotel in Las Vegas across from the Hard Rock Hotel.[7] The company renovated and reopened it in 2010, as a boutique hotel called Rumor.[8][9] Siegel eventually sold Rumor in 2017, to a group of Hong Kong buyers who renamed it Serene Vegas.[3]

Atrium Suites, a hotel located next to the Hard Rock, was planned to reopen in 2009, after renovations. However, the project encountered financial problems and never reopened.[10][11] The Siegel Group purchased it in 2011, and planned to renovate it and reopen it in 2013,[12][13][14] under a new name.[15] At six stories, Atrium Suites was the largest building ever owned by Siegel Group.[16] It was a significant part of the Siegel Group's portfolio, although it did not open as scheduled, as the company had not decided on how to use the building. Siegel Group had also been busy renovating other properties.[17] Siegel eventually put the hotel up for sale in 2016, then decided to convert it into an apartment and extended-stay facility.[18] In 2019, Siegel announced that he would tear down the closed Atrium Suites building and construct a Siegel Suites in its place. It would be the second Siegel Suites to be built from the ground up.[19][20] An earlier Siegel Suites began construction in Las Vegas in 2017.[3]

In June 2015, The Siegel Group acquired a property in Arizona from Legacy Suites for $8.3 million.[21] In May 2019, the group acquired two buildings in Las Vegas for $8.35 million and plans to turn them into a hub for eateries.[2]

As of 2019, Judith Siegel is executive vice president and Michael Crandall is senior vice president of the company.[2]

Growth

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The Siegel Group has had rapid expansion in the past. In 2004, it had an annual revenue of $8.5 million[22] and $111 million by 2007.[22]

COVID-19 Evictions

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A United States House of Representatives subcommittee investigating evictions during the Coronavirus pandemic found The Siegel Group had applied "uniquely egregious",[23] deceptive and aggressive tactics to evict tenants.[24][25][26] An email included in the report from Senior Vice President of Operations Mike Tisdale advised managers in the San Antonio area to threaten to have tenants cars towed, to call animal control to take their pets or child protective services to take their children, to arrange night and day door knocking, to use scheduled maintenance checks to remove air conditioning units, and to interfere with household electronics using universal remotes.[27]

References

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  1. ^ a b "Siegel Suites rental complex plans approved next to Hard Rock Hotel". Las Vegas Review-Journal. 2019-12-05. Retrieved 2024-12-04.
  2. ^ a b c "Siegel Suites owner buys building near Las Vegas Strip". Las Vegas Review-Journal. 2019-07-12. Retrieved 2020-02-14.
  3. ^ a b c Segall, Eli (April 3, 2017). "Siegel Group developing 1st newly built Siegel Suites property". Las Vegas Review-Journal. Retrieved February 25, 2021.
  4. ^ "Former Atrium hotel near Las Vegas Strip to become Siegel Suites". Las Vegas Review-Journal. 2019-12-02. Retrieved 2024-12-04.
  5. ^ "New owner plans to redevelop downtown Las Vegas motel". Las Vegas Review-Journal. 2024-04-24. Retrieved 2024-12-04.
  6. ^ "With eye for innovation, entrepreneur puts name on local lodging". Las Vegas Review-Journal. June 7, 2009. Retrieved February 25, 2021.
  7. ^ "New owner plans 'high-end boutique resort' for St. Tropez". Las Vegas Sun. September 9, 2009. Retrieved February 25, 2021.
  8. ^ "With new owner and look, Rumor welcomes first guests". Las Vegas Review-Journal. July 15, 2010. Retrieved February 25, 2021.
  9. ^ Hodge, Damon (August 15, 2011). "Boutique hotel Rumor spreads word about value". Travel Weekly. Retrieved February 25, 2021.
  10. ^ "Atrium Suites sells for $50.5 million, undergoes makeover". Las Vegas Business Press. September 21, 2007. Retrieved February 25, 2021 – via NewsLibrary.
  11. ^ Green, Steve (October 1, 2009). "Company sues to block foreclosure sale of hotel". Las Vegas Sun. Retrieved February 25, 2021.
  12. ^ Green, Steve (December 2, 2011). "Closed Atrium Suites hotel may be sold". VegasInc. Retrieved February 25, 2021.
  13. ^ Green, Steve (January 6, 2012). "New owners of Atrium say property will reopen in 18 months or less". VegasInc. Retrieved February 25, 2021.
  14. ^ Hodge, Damon (February 13, 2012). "Boutique hotel company purchases Atrium Suites". Travel Weekly. Retrieved February 25, 2021.
  15. ^ Katsilometes, John (January 20, 2012). "With Atrium Suites renovation, Stephen Siegel is crafting a new signature". Las Vegas Sun. Retrieved February 25, 2021.
  16. ^ Carroll, Laura (January 6, 2012). "Portfolio grows for Siegel Group". Las Vegas Review-Journal. Retrieved February 25, 2021.
  17. ^ Carroll, Laura (February 16, 2013). "Siegel Group Nevada still working on plan for former Atrium Suites". Las Vegas Review-Journal. Retrieved February 25, 2021.
  18. ^ Segall, Eli (September 17, 2016). "Investor Siegel looking to sell a few hotels in Southern Nevada". Las Vegas Review-Journal. Retrieved February 25, 2021.
  19. ^ Segall, Eli (December 2, 2019). "Former Atrium hotel near Las Vegas Strip to become Siegel Suites". Las Vegas Review-Journal. Retrieved February 25, 2021.
  20. ^ Segall, Eli (December 5, 2019). "Siegel Suites rental complex plans approved next to Hard Rock Hotel". Las Vegas Review-Journal. Retrieved February 25, 2021.
  21. ^ "Siegel Group acquires Arizona property for $8.3 million". Las Vegas Review-Journal. 2015-06-19. Retrieved 2020-02-14.
  22. ^ a b "The Siegel Group - Las Vegas, NV". Inc.com.
  23. ^ Select subcommittee on the coronavirus crisis. 2022. Examining pandemic evictions: A report on abuses by four corporate landlords during the coronavirus crisis. https://coronavirus.house.gov/sites/democrats.coronavirus.house.gov/files/2022.07.28 SSCC Staff Report Examining Pandemic Evictions.pdf
  24. ^ "Their landlord got millions in rental assistance. They faced eviction". Las Vegas Review-Journal. 2021-06-20. Retrieved 2022-07-29.
  25. ^ "These "corporate landlords" engaged in 15,000 evictions despite moratorium, House report says". NBC News. Retrieved 2022-07-29.
  26. ^ "Corporate landlords used aggressive tactics to push out more tenants than was known". NPR.org. Retrieved 2022-07-29.
  27. ^ "Report: Siegel Group execs used deception, harassment to evict tenants during COVID". Las Vegas Review-Journal. 2022-07-28. Retrieved 2022-07-29.
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