Las Vegas Sun

November 12, 2018

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Mount Charleston Hotel sold as another goes bankrupt

Citing mismanagement, new group poised to rebrand property

One Las Vegas-area hotel has been sold and another has filed for bankruptcy protection.

The Artisan Hotel & Spa LLC, on Interstate 15 and Sahara Avenue, filed a Chapter 11 bankruptcy petition on Tuesday. It listed assets and debt of more than $10 million apiece. The boutique hotel has just 64 rooms.

Among its creditors, Citizens Bank is owed $1.8 million and NV Energy, formerly Nevada Power Co., is owed $50,000.

Separately, real estate developer Siegel Group Nevada Inc. said Wednesday it formed a joint venture with Great American Capital to acquire the Mount Charleston Hotel. Terms were not disclosed.

Siegel said it will immediately assume operational control of the property to correct long-standing management and deferred maintenance issues and increase the hotel's visibility. A marketing campaign will be launched and the property rebranded as The Resort on Mount Charleston.

The hotel, also with 64 rooms, is about 35 minutes northwest of downtown Las Vegas in the Toiyabe National Forest.

"Since being constructed, the prior owners of the Mount Charleston Hotel had never been able to successfully market or bring in the amenities needed to attract customers and were unsuccessful in their attempts to operate the property. The Siegel Group's proven ability at repositioning troubled assets as well as its expertise in the areas of management, marketing, branding and renovation will enable the company to restructure operations and quickly obtain profitability," Siegel said in a statement.

"Siegel Group plans a major cosmetic renovation to modernize the facilities and correct deferred maintenance issues. The exterior of the property will undergo a substantial renovation with great attention given to maintaining the resort's current character and architectural features," Siegel said. "Additionally, the lobby, restaurant and banquet facilities will be upgraded and each of the 64 rooms will be completely remodeled and modernized with services and amenities such as room service, in-room movies and high-speed internet."

Siegel said the hotel will remain open during the renovations.

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