Las Vegas Sun

November 28, 2014

Currently: 43° — Complete forecast | Log in | Create an account

Group acquires Artisan Hotel, plans improvements

Updated Wednesday, Jan. 20, 2010 | 3:17 p.m.

The famed Artisan Hotel is getting a second lease on life.

Garrett Capital, an affiliate of The Siegel Group, announced today it had acquired the foreclosed, non-gaming hotel.

The Siegel Group acquired a promissory note secured by a First Deed of Trust from the Artisan's lender, The Citizens Bank of Oregon in Missouri. The group assumed operational control of the property Friday.

In its laundry list of efforts to reposition the Artisan, The Siegel Group said it plans to address the hotel's long-standing operational issues that have affected the hotel's reputation negatively.

The Artisan agreed to be foreclosed on by a lender last month. In December 2008, the Artisan filed for Chapter 11 bankruptcy — a case that was later combined with the bankruptcy case for Douglas Da Silva's Artisan hotel in El Paso, Texas.

At that time, its assets were reported at $18.3 million, including $18.2 million for the hotel real estate, and exceeded liabilities listed as $7.85 million.

Michael Crandall, director of business affairs for The Siegel Group, said they are looking to staff the hotel with 60 people, including a new general manager, to help reposition the property. Crandall said when the group took over Friday, there were 12 employees on the payroll.

"Just like any place we take over, the current employees will have to go through our interview process. If they are qualified to do the job, of course we are going to keep them," Crandall said.

The 64-room, boutique-style hotel sits on 1.35 acres on West Sahara Avenue and has developed a following among locals. It's eclectic décor has made the hotel a popular late-night hang out for Las Vegas performers and musicians.

Crandall said The Siegel Group plans to spend an estimated $400,000 on upgrades. The group is looking for bring everything up to building- and health-code standards, replace air conditioning units, update equipment in the bars and restaurant, and increase security in the hotel's parking and valet area.

"We're going to keep the vibe and the feel of the place but we are just going to update it a little. Some of the stuff in the hotel has not been touched in seven or eight years. Things just need a little TLC," Crandall said

In the hotel rooms, Crandall said they plan to update some of the furniture and the linens. Room rates are expected to range from $79 to $139.

The Siegel Group has taken over several run-down properties in recent years, promising dramatic changes under its management. The company revamped the Gold Spike, The Resort on Mount Charleston and is in the process of upgrading the St. Tropez Hotel across from the Hard Rock.

Sun reporter Steve Green contributed to this report.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy

Previous Discussion: comment so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy. Additionally, we now display comments from trusted commenters by default. Those wishing to become a trusted commenter need to verify their identity or sign in with Facebook Connect to tie their Facebook account to their Las Vegas Sun account. For more on this change, read our story about how it works and why we did it.

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

No trusted comments have been posted.