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Mar. 28, 2013

Hsieh’s Downtown Project Adds Vintage Western Hotel to Portfolio for $14M

By Alex Girda, Associate Editor

The Downtown Project has taken another step in its $350 million drive to revitalize central Las Vegas, acquiring the 116-key Western Hotel in a $14 million transaction, VegasINC reports.

The acquisition reflects the latest move by the organization spearheaded by Zappos CEO Tony Hsieh to restore the luster of the area surrounding Fremont Street.

An affiliate of the Downtown Project led by developer Andrew Donner bought the property from owner Tamares Real Estate, which closed the hotel in January 2012, Vegas Inc. noted. All told, the Downtown Project’s stated goal is to acquire $200 million worth of properties.

The Western’s guest rooms and 8,925-square-foot casino opened in 1970 under the ownership of Jackie Gaughan and Mel Exber. Among the property’s claims to fame was its giant bingo parlor, which could accommodate up to 1,020 players. The Western was among several primarily low-roller properties owned by Gaughan that included The Las Vegas Club, The Plaza, the Gold Spike and El Cortez.

Image courtesy of user Wtstoffs via Wikimedia Commons, GNU 1.2