January 24, 2017
Siegel Group Nevada Inc. sold the 150-key Rumor Boutique Hotel in Las Vegas. The seller, represented by Cathy Jones and Josh Smith with Sun Commercial Real Estate Investment Group, received $18 million from the buyer, an international investment group from China. Siegel Group will retain the Rumor brand, with the new owner rebranding the just-acquired asset at 455 E. Harmon Ave.
“The property offers a great opportunity for a buyer interested in stepping into a strategically located Las Vegas hotel property with consistently improving economics,” Jones indicated. “The new internationally-based owners were selected as the winning buyer from multiple offers received.”
The seller plans to relocate the Rumor brand to another Las Vegas location that has yet to be disclosed. In the meantime, Siegel Group is continuing to look for value-add properties throughout the United States, and is interested in taking over distressed assets.
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