The Siegel Group Completes Acquisition of Mesquite Extended Stay Property
July 31, 2007
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of Mesquite Springs Suites; a 126 unit Flexible Stay property situated on approximately 3.74 acres of land in Mesquite, Nevada. The purchase price was $6.85 million with financing provided by First Republic Bank in Nevada. Also acquired during the transaction was an adjacent 2.5 acres of land on which The Siegel Group intends to construct additional units with a potential retail component. SASCO Properties will manage the property which will be renamed Siegel Suites Mesquite and operate under the Siegel Suites Flexible 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 excited with our entry into the Mesquite market which is among the fastest growing cities in Nevada. With the shortage of rooms in Mesquite and the increasing number of people that are moving to the area to escape the rising cost of living in Las Vegas, Siegel Suites Mesquite will be the first Flexible Stay provider in the area and will offer a valuable service that will benefit the entire community.”
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 https://siegelcompanies.com.
Contact
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandrall@siegelcompanies.com or by phone at (310) 597-9221.
