The Siegel Group Completes Acquisition of Las Vegas Extended Stay Property

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The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of Super Suites, a 186-unit Extended Stay property situated on over 10 acres of land in Las Vegas, Nevada. The purchase price was $15 million with financing provided by First Regional Bank in California. The building is located on 3 acres of land with plans in development to construct an additional 500 units on an adjacent 7 acre parcel. SASCO Properties will manage the property which will operate under the Siegel Suites Extended Stay brand which controls nearly 2,000 rooms in the Las Vegas and Reno markets.

We are enormously pleased with the acquisition of Super Suites which will be a valued and strategic addition to our growing portfolio of Siegel Suites Extended Stay properties. Las Vegas represents our fastest growing market and our aggressive expansion ensures that we will soon be a dominant player in the Las Vegas Extended Stay market.

Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: "We are enormously pleased with the acquisition of Super Suites which will be a valued and strategic addition to our growing portfolio of Siegel Suites Extended Stay properties. Las Vegas represents our fastest growing market and our aggressive expansion ensures that we will soon be a dominant player in the Las Vegas Extended Stay market."

About The Siegel Group, Inc.

The Siegel Group, a Commercial Real Estate & Business Development Company located in Studio City, California, 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 firm's acquisition, disposition, and development of commercial real estate; a portfolio comprised of multi-family and Extended 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 http://www.siegelcompanies.com.

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Mark Higley
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