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

Spearheaded by Zappos CEO Tony Hsieh, Las Vegas’ Downtown Project organization has taken an important step forward in its ongoing initiative to reclaim some of the appeal of the city’s central area. The online retailing mogul has voiced his love for Sin City’s downtown area on more than one occasion, and has offered his support and funds to a number of causes meant to restore the glow of the area surrounding Fremont Street. His belief in old Vegas architecture and the charm of the era leading up to the megaresorts of the Strip has produced yet another important real estate deal.

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