(For more retail coverage, click GlobeSt.com/RETAIL.)
LAS VEGAS-The Siegel Group of Los Angeles has paid $15 million for a 186-unit extended stay hotel here and a contiguous seven-acre parcel. The property, called Super Suites, is located five miles southeast of Downtown at 3625 Boulder Highway, near Exit #70 from Interstate 515.
Siegel Group's head of business development Mark Higley tells GlobeSt.com the company plans to convert the hotel into its eighth Siegel Suites Extended Stay hotel property in the Las Vegas Valley in the coming weeks. Sasco Properties will manage the hotel.
On the contiguous undeveloped acreage, Higley says the company is currently seeking entitlements for an additional 500 hotel rooms and a retail component. There is no development timeline for the expansion.
The acquisition of the property follows a year of negotiations. "The property was initially listed for a much higher price," Higley says.
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