Las Vegas Commercial Office Space

Southern Nevada’s commercial real estate market has been hard-hit by the global economic downturn. Vacancies are at record highs; rents have dropped to new lows. Bank foreclosures are up, and cash-strapped companies are increasingly declaring bankruptcy.

The Siegel Group Nevada has acquired the St. Tropez, a 22-year-old, 150-room all-suites hotel at 455 E. Harmon Ave. in Las Vegas for $10.5 million from Tarsadia Hotels, a Newport Beach, Calif.-based company that reclaimed ownership earlier this summer after previous buyer, MeriStar Hospitality Corp., defaulted on a loan.

A few months ago Lev Leviev’s Africa Israel Investments reached understandings with Miami banks that had provided loans for the purchase of properties in the United States.