Siegel Group executive Michael Crandall tells GlobeSt.com thatSiegel Group affiliate Sasco Properties has assumed operationalcontrol and immediately will begin a "substantial" renovation ofboth the exterior and interior of the property to correct "years ofdeferred maintenance." Additionally, Crandall says plans are in theworks to landscape the grounds and construct both a new pool and aretail component to help attract residents.

Concurrently, the property will be converted to its SiegelSuites brand of "flexible-stay" properties, which the companydescribes as larger-than-average residential accommodations withoutthe commitment of a long-term lease agreement. "Due to the existingdeferred maintenance combined with a 50% occupancy rate and theprevious owners neglect and mismanagement of the complex, theproperty possesses significant upside potential," Crandallsays.

The property is being renamed Siegel Suites Las Vegas Blvd.Sasco EVP Judith Perez says that, based on the performance of its2,700-unit Vegas-area chain she expects occupancy will quickly fallin line with that of other Siegel Suites locations, increasing to93-96% once the renovation is completed.