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. 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.
The per room value of this transaction is approximately $39,344.00 per room cost not including the 5+ acres of land.
