New owner plans ‘high-end boutique resort’ for St. Tropez

By Las Vegas Sun Staff (contact)

Wednesday, Sept. 9, 2009 | 9:14 a.m.

The Siegel Group Nevada Inc. on Tuesday announced it completed its acquisition of the closed St. Tropez, a 150-suite hotel in Las Vegas on Harmon Avenue across from the Hard Rock hotel-casino. Siegel plans to reopen the property within a month.

Situated on about four acres of land, Siegel picked up the property for $10.5 million. Financing was provided by the seller, which a few weeks ago foreclosed on the property.

Siegel said it will launch "a substantial renovation." This will address deferred maintenance issues, to be followed by improvements to modernize the property.

"While the company plans to continue utilizing the St. Tropez name, plans are under way to redevelop the property into a high-end boutique resort with a number of niche concepts currently being considered. A host of amenities will be added that may possibly include a restaurant, bar, outdoor event center and nightclub, concierge and limousine service and an outside yoga studio," Siegel said, adding it expects 80 jobs to be created due to the acquisition.

"The St. Tropez is an incredible property with great bones and character that is a welcomed addition to our growing portfolio. This one-of-a-kind property with its unique layout and irreplaceable location possesses immense upside potential and I am confident that the niche business model we plan on implementing at the location will be an immediate success once fully executed despite the challenging hospitality market we are all presently confronted with," Siegel CEO Stephen Siegel, known for developing extended-stay hotel rental properties, said in a statement.