LAS VEGAS —May 15, 2015 — The Siegel Group Nevada, Inc., a real estate investment and management company, today 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 these 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.
Built in 2001 and located on the world famous Las Vegas 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 just blocks from the Mandalay Bay Resort and Casino and in close proximity to Town Square, an open air shopping, dining and retail development containing over 1.85 million square feet 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 are furnished with full kitchens and living areas that have historically catered to short-term visitors and business travelers. While the properties are in excellent condition, The Siegel Group will be commencing minor improvements at both properties that will include painting of the exterior and interior common areas, the installation of new carpet 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. 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. Each guest will have the option of paying for weekly housekeeping and linen service on an as-need basis. Additionally, all Siegel Suites Select properties will offer a range of amenities including “The longer you stay with us, the more you get from us™” program which provides a discount that increases in relation to the guest’s length of stay. Guests will also be able to enroll in the company’s Siegel Rewards™ program. Siegel Rewards™ is a program that provides loyalty points that can be earned and applied towards a free stay, gift cards, electronics and much more.
Michael Crandall, Senior Vice President of The Siegel Group states: “We are pleased to have closed on the acquisition of these two fantastic properties and are excited to officially introduce our newest brand, Siegel Suites Select, which will provide quality extended-stay accommodations to the masses of travelers that frequent Las Vegas for business purposes, as well as to longer term guests looking to make Siegel Suites Select their home. We created this new brand to fill the needs of the many customers that have been requesting this product type from us over the years and who want the amenities and convenience of an apartment setting combined with hotel-like amenities for either a short or extended period of time. We anticipate continuing to strategically grow both the Siegel Suites and Siegel Suites Select brands throughout the southwestern United States and expanding into new markets throughout the country.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
