Siegel Acquires Emerald Suites Tropicana, Las Vegas
Will be Renamed Siegel Suites Tropicana
LOS ANGELES, CA, October 30, 2007. The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of Emerald Suites Tropicana, a 225 room hotel built in 2003 situated on approximately 4.13 acres of land in Las Vegas, Nevada. The purchase price was $20.25 million.
Located directly adjacent to Tropicana Avenue, one of the major arteries in Las Vegas, Emerald Suites is situated in close proximity to Interstate 15 as well as a number of large hotel-casino developments such as the Orleans Hotel and Casino, Mandalay Bay, Excalibur and the Tropicana Resort and Casino.
Originally built as a combination of apartment and Extended-Stay, the property, which is individually condominium mapped, has most recently been operated by former management as a hotel, marketing available units for daily rental. SASCO Properties, an affiliate of The Siegel Group, will assume operational control and immediately reposition the property, converting the majority of units back to Extended-Stay accommodations. The property will be renamed Siegel Suites Tropicana and operate under the Siegel Suites brand which provides quality accommodations to customers seeking short and long-term residences that provide flexible terms as well as a host of amenities and services without the constraints of a long-term lease agreement.
With plans to become the largest provider of multi-family accommodations in Nevada, The Siegel Group is aggressively searching for acquisitions to add to its growing Siegel Suites portfolio.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: "This is the third incredible location in Las Vegas that we have acquired and closed on in the last three weeks. Siegel Suites Tropicana is a new property with beautiful amenities and no deferred maintenance and it will further strengthen both our presence in the Las Vegas market and our growing Siegel Suites portfolio."
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