Siegel Acquires Artisan Hotel via Foreclosure

LAS VEGAS-An affiliate of Siegel Group Nevada Inc. called Garrett Capital LLC has gained title to the 64-key boutique hotel in foreclosure after buying the hotel mortgage from a Midwestern lender and plans to reposition the property, which it will continue to operate under the Artisan name. The new owner plans on expanding the visibility of the property and reintroducing it to the market, according to founder and president Stephen Siegel of the Siegel Group, which operates from offices in Las Vegas and in Studio City, CA.

The Artisan sites on 1.35 acres 1501 W. Sahara Ave. and had been placed in bankruptcy by the former owners. The Siegel Group said in a statement regarding the purchase that it has assumed operational control of the property which it “will continue to operate utilizing the Artisan name and is committed to repositioning the property” and to “quickly identifying and correcting long-standing operational issues that have recently negatively impacted the hotel’s reputation.”