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Emerald Suites Tropicana Trading for $20M

LAS VEGAS-The Siegel Group Inc. of Los Angeles will close today on the 225-key hotel, which will be added to its regional chain of extended-stay properties.

By Brian K. Miller | Updated on October 29, 2007

LAS VEGAS-The Emerald Suites Tropicana, a 225-key hotel is changing hands today for $20.25 million, according to the buyer, The Siegel Group Inc. of Los Angeles, which is making its third acquisition in the market in as many weeks. Situated on 4.13 acres adjacent to Tropicana Avenue, just west of Interstate 15, the hotel will become the 11th member of the company’s two-year-old regional chain of extended-stay properties known as Siegel Suites.

Built in 2003 as a combination of apartment and extended-stay units, Emerald Suites Tropicana has most recently been operated as a daily hotel and has experienced a high average vacancy rate. Michael Crandall of the Siegel Group tells GlobeSt.com that under the Siegel Suites formula approximately 10% of the units will remain in a daily rental program and the remainder will be marketed to longer-term tenants. SASCO Properties, an affiliate of the Siegel Group, will operate the property.

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