Casino company buys motel

Tuesday, Feb. 15, 2005 | 10:55 a.m.

Barrick Gaming Corp. has purchased the site of the Travel Inn motel in downtown Las Vegas for $3.7 million -- the company's sixth property acquisition downtown in less than a year.

The deal, which closed Friday, will allow Barrick to build a residential high-rise tower adjacent to the Gold Spike, one of four casinos Barrick Gaming bought from downtown casino owner Jackie Gaughan last March.

A buyer known as Vegas Valley Properties purchased the Travel Inn and the nearby Golden Inn near the Neonopolis retail mall in July from the Engel family. The buyer, which is doing business as Streamline Tower LLC, bought the motels for $6.4 million and then resold the Travel Inn, at 217 N. Las Vegas Boulevard near Ogden Street, to Barrick.

Streamline Tower received approval from the City of Las Vegas last year to build a 267-foot condominium tower with 251 condo units and 24,000 square feet of commercial space at the site of the Golden Inn. Streamline is already advertising condo units for sale at the motel site. Las Vegas casino resort broker David Atwell said the transaction makes sense for Barrick because "it's one of these unusual situations where you have the potential of a condo high-rise connected to an already unlimited license casino." Atwell represented Barrick in the purchase. Barrick officials could not be reached for comment.