Siegel Group Nevada acquires two properties in $12 million deal
The Siegel Group Nevada Inc., a real estate investment and management company, on Thursday announced that it had acquired two extended-stay properties totaling 305 units in Las Vegas previously operated under the Crestwood Suites brand for $12 million.
The purchase of the two locations increases the properties operated under the various Siegel Suites brands to 33 with a number of additional locations scheduled to open in 2015, the company said in a statement.
Built in 2001 and on the Strip, the first property formerly known as Crestwood Suites of Las Vegas Blvd. is comprised of 155 extended-stay units on about 2.58 acres near Mandalay Bay and close to Town Square. The second property, formerly known as Crestwood Suites of Las Vegas, Flamingo Road is comprised of 150 units on about 2.64 acres and near the Desert Springs Hospital Medical Center.
Each of the 305 interior corridor rooms are furnished with full kitchens and living areas that have typically catered to short-term visitors and business travelers. The Siegel Group plans minor improvements at both properties.
The Siegel Group, which operates Siegel Suites, a large portfolio of flexible-stay apartment communities, will be using the two locations to launch its latest brand, Siegel Suites Select.
Unlike the company’s flagship brand which provides tenants with fully furnished apartment units allowing for flexible payment options without requiring a long-term commitment, Siegel Suites Select will cater to business professionals, corporate groups and customers looking to stay for a minimum of a week as well as longer-term guests looking to make Siegel Suites Select their home for extended periods of time.
The Siegel Group is a real estate investment and management company founded by Stephen Siegel with offices in Las Vegas and Studio City, Calif. It specializes in acquiring, disposing and developing underperforming, value-added real estate and businesses with significant turnaround potential.
