LAS VEGAS-The Siegel Group Inc. recently acquired a 126-unit “flexible stay” property and adjacent land located 80 miles northwest of here, near the confluence of Nevada, Arizona and Utah. The Los Angeles-based company paid $6.85 million for the Mesquite Springs Suites, which sits on 3.74 acres of land near Exit 122 from Interstate 15, and 2.5 acres of contiguous land.

Siegel intends to construct additional units on the excess land and possibly retail space. First Republic Bank in Nevada provided acquisition financing. Siegel Group president Stephen Siegel says it was attracted to the property due to the shortage of rooms in Mesquite and the increasing number of people moving to the area to escape the rising cost of living in Las Vegas.

Located at 580 Mesa Blvd., the property will be renamed Siegel Suites Mesquite. Sasco Properties will manage the operating property. Michael Shaffner and Kevin Keefe of Marcus & Millichap brokered the transaction.The Siegel Suites Flexible Stay brand comprises 2,000 rooms in the Las Vegas and Reno markets. A source at Siegel tells the company is planning additional acquisitions in the Las Vegas market. As part of the plan, the company recently disposed of a 66,775-sf shopping center in the Phoenix area for $8.95 million, the proceeds from which will be used to acquire an additional property in Las Vegas.

“At the moment we are focusing our efforts on the Nevada market, which we believe holds more value and opportunity compared to any area of the country for us,” Siegel says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.