A piece of Las Vegas history is up for grabs as the iconic Western Hotel & Bingo Parlor, nestled in downtown Las Vegas, has been put up for sale, marking a significant opportunity for potential investors.
The property, which ceased operations in 2012, is among the portfolio of downtown Las Vegas properties managed by the estate of Tony Hsieh, the late entrepreneur and former CEO of Zappos. Hsieh’s estate has enlisted commercial brokerage Logic Commercial Real Estate to oversee the sale, although specific details regarding the price remain undisclosed.
Described as a “rare, full city block redevelopment opportunity”, the Western Hotel & Casino boasts a rich legacy in the heart of Downtown Las Vegas. The two-story building, originally constructed in 1970, encompasses about 49 hotel rooms, offering an insight into the city’s past with an average room rate of $37 per night. Renowned for its affordable slot machines, bingo, and table games, the property holds a special place in the annals of Las Vegas entertainment.
The four-parcel property on a 1.3-acre lot with 300 feet of frontage on Fremont Street presents a compelling prospect for investors seeking to capitalize on the vibrant energy of downtown Las Vegas.
Brendan Keating, chairman and co-founder of Logic Commercial Real Estate, has emerged as a key figure in the sale process. Keating’s investment firm, Boston Omaha Asset Management, has been actively involved in acquiring downtown properties from Hsieh’s estate, with transactions totaling about $24.7 million in recent months.
His firm secured a commercial property at the southeast corner of Las Vegas Boulevard and Fremont Street in October for about $14.6 million through Hsieh’s probate case.
Original article: https://www.yogonet.com/international/noticias/2024/03/29/71499-historic-western-hotel-casino-in-downtown-las-vegas-hits-the-market
