Monday, January 8, 2007
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of Super Suites; a 186 unit Extended Stay property situated on over 10 acres of land in Las Vegas, Nevada. The purchase price was $15 million with financing provided by First Regional Bank in California. The building is located on 3 acres of land with plans in development to construct an additional 500 units on an adjacent 7 acre parcel. SASCO Properties will manage the property which will operate under the Siegel Suites Extended Stay brand which controls nearly 2,000 rooms in the Las Vegas and Reno markets.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “We are enormously pleased with the acquisition of Super Suites which will be a valued and strategic addition to our growing portfolio of Siegel Suites Extended Stay properties. Las Vegas represents our fastest growing market and our aggressive expansion ensures that we will soon be a dominant player in the Las Vegas Extended Stay market.”
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, valued added real estate and businesses with significant turn-around potential. The company´s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at www.siegelcompanies.com.
To obtain further information regarding this release, please contact Michael Crandall via email at firstname.lastname@example.org or by phone at (310) 597-9221.