“As room rates begin to strengthen on the Strip, we anticipate more demand in the value-play, off-Strip market, especially for well-located, well-maintained properties like Siena Suites," said Michael Mixer, co-manager of Russell Boulder LLC.
Las Vegas, NV (PRWEB) September 05, 2012
Russell Boulder LLC, which owns Siena Suites, a 600-room extended-stay hotel located on Boulder Highway in Las Vegas, announced today the company recently emerged from its Chapter 11 bankruptcy reorganization.
Todd Nigro and Michael Mixer, co-managers of Russell Boulder LLC, said they are pleased with the five-year loan extension the company received from East West Bank, its lender on the Siena Suites property.
As a result of the successful loan restructuring, all ongoing personal lawsuits filed against Nigro and Mixer, as well as all other guarantors, in Clark County District Court were dismissed by District Court Judge Susan Scann on Aug. 27, 2012.
Nigro and Mixer worked hand in hand with East West Bank to achieve the successful restructuring terms, which serve to strengthen Russell Boulder LLC.
"We listened to East West Bank’s requests and did our best to accommodate them, and they did the same for us,” Nigro said. “In the end, we shared a mutual goal to give the project the opportunity to continue its path to financial recovery.”
As the Las Vegas hotel market experiences improved activity – with near-record level visitor volume and high hotel occupancy – Mixer expressed optimism for the future of Siena Suites.
“As room rates begin to strengthen on the Strip, we anticipate more demand in the value-play, off-Strip market, especially for well-located, well-maintained properties like Siena Suites,” Mixer said.
The hotel has recorded double-digit increases in year-over-year revenue and continues to achieve high levels of guest satisfaction.
“Siena Suites is the latest all-suite product built in the market, and it delivers exceptional value and service for nightly guests and extended-stay travelers and families,” Mixer said.
About Siena Suites
Siena Suites is a 600-room extended-stay hotel located at 6555 Boulder Highway in Las Vegas. Just minutes away from the Las Vegas Strip and McCarran International Airport, the hotel provides one- and two-bedroom guest suites featuring full kitchens, large living areas and free high-speed Internet access. Other amenities include on-site guest laundry, lagoon-style swimming pools, a fitness center and a 24-hour front desk. For more information about Siena Suites or to make a reservation, visit http://www.sienasuiteshotel.com or call 702-648-2100.