LAS VEGAS—The Siegel Group Nevada, Inc., a real estate investment and management company, has acquired two extended-stay properties here for $12 million.
The purchase of these two locations, previously operated under the Crestwood Suites brand, brings the properties operated under the various Siegel Suites brands to 33, with additional locations scheduled to open this year.
Built in 2001 and located on The Strip, the first property, formerly known as Crestwood Suites of Las Vegas Blvd., is comprised of 155 extended-stay units situated on approximately 2.58 acres near the Mandalay Bay Resort and Casino and Town Square, an open air shopping, dining and retail development containing more than 1.85 million sq. ft. of retail and office space. The second property, formerly known as Crestwood Suites of Las Vegas, Flamingo Road, is comprised of 150 extended-stay units situated on approximately 2.64 acres and is located near the Desert Springs Hospital Medical Center.
Each of the 305 interior corridor rooms is furnished with full kitchens and living areas that have historically catered to short-term visitors and business travelers.
The Siegel Group plans minor improvements at both properties that will include painting of the exterior and interior common areas, the installation of new carpeting in the hallways, the addition of flat-screen televisions in all rooms and the construction of a new pool at one of the locations.
The Siegel Group—which operates Siegel Suites, a large portfolio of flexible-stay apartment communities—will be using these two locations to launch its latest brand: Siegel Suites Select, which will cater to business professionals, corporate groups and customers looking to stay for a minimum of a week or more, according to the company.