"This newest acquisition is centrally located between two of ourproperties and these economies of scale will reduce our operationalcosts while further strengthening our presence in the area," saysSasco Properties EVP Judith Perez.

Siegel executive Michael Crandall tells GlobeSt.com thatSiegel's property management division Sasco Properties willimmediately begin a "substantial" renovation program to correct"years of deferred maintenance," thereby bringing the property upto the standard of its Siegel Suites brand. The property will berenamed Siegel Suites Twain II and, like all Siegel Suitesproperties, will provide larger-than-average residentialaccommodations without the commitment of a long-term leaseagreement.

The Siegel Group added several properties to its Siegel Suitesbusiness in 2007, bringing its unit total to 2,700. In October, itacquired three properties including Emerald Suites Tropicana, afive-year-old, 225-key hotel on 4.13 acres adjacent to TropicanaAvenue, just west of Interstate 15, for $20.25 million; the Fallsapartment complex, a 230-unit, 4.8-acre property located on SouthCambridge Street near UNLV, for $14.75 million; and ColiseumVillas, a 186-unit, 3.64-acre property near the corner of ParadiseRoad and Twain Avenue, one mile from the Falls apartments, for$13.75 million.