Commercial real estate company The Siegel Group Nevada has sold the Artisan Hotel Boutique in Las Vegas, Nevada, US.
Financial terms of the transaction have not been revealed.
The 64-room boutique hotel, was acquired by the Siegel Group in 2009, was sold for approximately $11.90m.
Following the acquisition, the company rebranded, renovated, and repositioned the hotel. It secured a loyal network of customers from among locals, tourists, and boutique enthusiasts.
According to the group, the Artisan became famous for its full property buyouts in the city.
The hotel featured a restaurant, a bar-lounge with a popular after-hours scene, wedding chapel and a topless pool.
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The Siegel Group senior vice-president Michael Crandall said: “We are extremely proud of the success and reputation established by the Artisan over the past thirteen years.
“It was the last property in a strong portfolio of boutique hotels The Siegel Group created in the Las Vegas market. It will always be a part of the history of this City.
“We are excited about some new very large acquisitions in Las Vegas which we plan to announce very soon.”
Prior to offloading Artisan Hotel Boutique, The Siegel Group had sold its other properties in Las Vegas.
The properties include, The Gold Spike Hotel and Casino, Oasis at Gold Spike, The Resort on Mount Charleston and Rumor Boutique Hotel.
Besides, the Siegel Group is now planning to purchase value-added properties in all asset classes across the US.