LAS VEGAS—The Siegel Group Nevada Inc. has purchased the former Regency Hotel out of bankruptcy for $5 million. This acquisition increases the number of Siegel Suites and Siegel Suites Select properties throughout the southwestern United States to 40 and marks the introduction of The Siegel Group’s flexible-stay and extended-stay brands to the Texas market. Besides the company’s many Siegel Suites locations, The Siegel Group also owns and operates a sizable commercial real estate portfolio.
The 241-unit property, which will be renamed Siegel Suites Dallas, sits on a large 6.55-acre parcel and consists of four buildings ranging from one to five stories totaling over 153,000 sq. ft. The property has a variety of amenities and common area space, including a bar and restaurant, commercial kitchen and laundry facility, theatre, office space, a fitness center and outside pool and multiple conference and banquet areas.
In converting the location to its Siegel Suites brand, the company will immediately commence a renovation of the property to address substantial deferred maintenance issues and add amenities and improvements characteristic of its many other locations. Executives will also be working on redevelopment plans to take advantage of the property’s location. Initial plans include the potential demolition of a large structure that houses the bar, restaurant and conference and banquet areas to construct in its place a stand-alone building to accommodate either a fast-food or retail use, according to the company.
The Siegel Group Nevada Inc., which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels and apartments, hotels, retail, office, and development projects, will be operating the property as a Siegel Suites—the company’s flagship brand of apartment communities.