"This newest acquisition is centrally located between two of our properties and these economies of scale will reduce our operational costs while further strengthening our presence in the area," says Sasco Properties EVP Judith Perez.

Siegel executive Michael Crandall tells GlobeSt.com that Siegel's property management division Sasco Properties will immediately begin a "substantial" renovation program to correct "years of deferred maintenance," thereby bringing the property up to the standard of its Siegel Suites brand. The property will be renamed Siegel Suites Twain II and, like all Siegel Suites properties, will provide larger-than-average residential accommodations without the commitment of a long-term lease agreement.

The Siegel Group added several properties to its Siegel Suites business in 2007, bringing its unit total to 2,700. In October, it acquired three properties including Emerald Suites Tropicana, a five-year-old, 225-key hotel on 4.13 acres adjacent to Tropicana Avenue, just west of Interstate 15, for $20.25 million; the Falls apartment complex, a 230-unit, 4.8-acre property located on South Cambridge Street near UNLV, for $14.75 million; and Coliseum Villas, a 186-unit, 3.64-acre property near the corner of Paradise Road and Twain Avenue, one mile from the Falls apartments, for $13.75 million.