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StumbleNew owner plans ‘high-end boutique resort’ for St. Tropez
Wednesday, Sept. 9, 2009 | 9:14 a.m.
St. Tropez
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.
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another high end resort...
this town just isn't learning its lesson.
...and after more than 30 visitis to Vegas in more than 20 years I believed to know all casinos there are. Obviously I am wrong .....I have never heard of the St.Tropez but my money says it can't be of the best location Vegas has to offer.....
outdoor event center and outdoor yoga - both good ideas IMO
I like what Siegel is doing in Vegas. Good Luck!
do they plan on adding a casino
will there be a parking lot for quick bonus hunters and match play players? do they have a good and cheap buffet?
Right on stevem, the now broken business model based upon asset bubbles, profligate spending and cheap credit is OVER!!
One would think the Siegel Group, of all folks, would know better. After all, based on their previous acquisitions (the Gold Spike and all those weeklies around town), up until now they've appeared to recognize that the future is anything but high-end.
Weird, huh?
The Siegel Group only needs to skim 150 high income people from the many thousands that want something special and want to be away from the masses. The losers will be the employees of the existing hotels that lose their high income visitors and have to layoff even more.
Wasn't this a timeshare property?
I think I see what Steve is doing... he has already purchased lower class and middle class hotels already. He needs a high end property to round out his portfolio. He then can have his marketing staff offer multiple products to multiple classes of customers. Kind of like car companies have low end and high end models. Makes sense.
A boutique joint with (well see) unique offerings such as yoga, etc... Looks interesting, its always tough to see another 2,000+ luxury/ upscale rooms be added to the LV market but this 150 room project could definitely compete if done right... well see...
Is the Seigel Group publicly listed so that we can short their stock?
Far too much high end capacity in this town as it is. With rooms at the Wynn/Encore already going for 30% of the rack rate, and City Center's upscale inventory about to flood the market, this plan is bonkers.
Siegel did a fantastic job on the Gold Spike in downtown Las Vegas. They even bought a property in North Las Vegas. I hope they end up doing better than Station Casinos & Boyd Group with the local market. They got their base with the weekly apartment crowd and starting a players club card soon.
While I wouldn't rate the Gold Spike's redo at "fantastic," I'll give it a thumbs up. Took the kids there to eat dinner after reading about it's write-up here a few weeks back. The food was a "5" out of "10" at best; prices were more than reasonable, though. I will say the little place was absolutely hopping. The casino, itself, has shed it's seediness. For budget gamblers, the Gold Spike has staked a valid claim. The "high-end boutique resort" notion for the St. Tropez is a whole different cookie, however...
This may work, especially because of its location. The Hard Rock is right across the street, and so is "The Fruit Loop" with its cluster of gay bars. I wonder if Siegel has plans to reach out to LGBT travelers. He should, especially since Blue Moon is the only "gay hotel" in town. And since it mainly caters to boiz who like to run around in the buff in an area pretty far from the clubs, Siegel has a chance to fill this void with a St. Tropez that's perhaps more lesbian-friendly and more attractive to those of us gays who aren't always into taking our clothes off for everyone to see.
Atdleft,
Didn't know that about that area. Well, if that is what Seigel's plan is, maybe they're on to something. (And I bemusedly await the reaction from the first bible-beating, homophobic Christian family that mistakenly books their stay there!)
If the "niche" angle you speak of turns out not to be the case, however, then I still believe that yet just another "high-end boutique resort" would be a loser.