Siegel Group Nabs Distressed Vegas Hotel For $4M

Law360, New York (January 9, 2012, 1:26 PM EST) -- Commercial real estate firm The Siegel Group Nevada Inc. has acquired a distressed hotel property in Las Vegas formerly financed by Lehman Brothers Holdings Inc. for just $4.2 million, Siegel announced Monday.

Siegel was able to acquire the former Atrium Suites Hotel property for just $26 per square foot, a fraction of market value, because of the property's financial difficulties, it said.

The identity of the seller and expected closing date of the purchase were not disclosed, though the seller is believed to be local investment...
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