The Siegel Group and Tippins Holdings Complete Acquisition of Las Vegas Boulevard Property

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The Siegel Group, Inc., a Commercial Real Estate & Business Development Company and Tippins Holdings, a multi-faceted real estate investment company, today announced that they had completed the acquisition of the former Travel Inn; a 58-unit hotel located on Las Vegas Boulevard in downtown's new entertainment district, Fremont East. The Property which is currently vacated is comprised of two parcels situated on 1/2 acre and is contiguous to the Gold Spike Casino and in close proximity to The Lady Luck Casino which is being acquired by Hollywood-based developers the CIM Group (http://www.cimgroup.com). The purchase price was $5 million with financing provided by First Regional Bank of California. Principals Stephen Siegel and John U. Tippins IV are strategizing future plans and have been contacted by several large developers interested in helping to develop the site. "We believe in the potential of Downtown Las Vegas and applaud Mayor Goodman and his staff for the incredible job they have done attracting people to the area. I bought into his vision four years ago and have invested significant time and the majority of my financial resources in downtown," states Tippins who along with his partners are among the largest landowners in the Downtown area.

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This is an incredible redevelopment opportunity that will complement our existing Las Vegas portfolio and we are excited to be part of the revitalization efforts that are occurring downtown

    Located in the heart of downtown, the Fremont East District sits adjacent to the Fremont Street Experience, which was visited by 18.7 million people last year. The City of Las Vegas in conjunction with local businesses is aggressively revitalizing the downtown area and just recently celebrated the completion of a $5.5 million streetscaping effort. "This is an incredible redevelopment opportunity that will complement our existing Las Vegas portfolio and we are excited to be part of the revitalization efforts that are occurring downtown," explains Siegel, President and Chief Executive Officer of The Siegel Group.

About The Siegel Group, Inc.

The Siegel Group, a Commercial Real Estate & Business Development Company with offices in Studio City, California & Las Vegas, Nevada; is a full-service real estate investment and development company founded by Stephen Siegel with expertise in acquisitions, financing & development, asset management, and leasing and rehabilitation. The Company's Real Estate Division manages the firms' acquisition, disposition, and development of commercial real estate; a portfolio comprised of multi-family and Flexible-Stay units, commercial shopping centers, office buildings, and hotel developments. For more information on The Siegel Group and its affiliates, visit the Company's website at http://www.siegelcompanies.com.

About Tippins Holdings

Tippins Holdings, a Commercial Real Estate Investment Company founded by John U. Tippins IV, owns a variety of product-types including apartments, hotels, casinos, retail, office, land and bars throughout Nevada, Colorado, and Arizona. Tippins is also the owner and Broker of Northcap Commercial, a commercial brokerage company that has completed hundreds of millions of dollars a year in transactions during the last three years.

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Mark Higley
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