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August 02, 2007
The Siegel Group Completes Acquisition of Mesquite Extended Stay Property
LOS ANGELES (BusinessWire EON) August 1, 2007 -- 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 apartment and short-term stay units 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, Inc.
The Siegel Group, a Commercial Real Estate & Business Development Company with offices located in Studio City, California and Las Vegas, Nevada, is a full-service real estate development company founded by Stephen Siegel with expertise in acquisitions, financing and development, and property management, leasing and rehabilitation. The Company’s Real Estate Division manages the firms’ acquisition, disposition, and development of commercial real estate; a portfolio comprised of multi-family and Flexible Stay units, commercial shopping centers, office buildings, and hotel developments. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
Posted by Industrial-Manufacturing at August 2, 2007 06:14 AM