LAS VEGAS-The Emerald Suites Tropicana, a 225-key hotel ischanging hands today for $20.25 million, according to the buyer,The Siegel Group Inc. of Los Angeles, which is making its thirdacquisition in the market in as many weeks. Situated on 4.13 acresadjacent to Tropicana Avenue, just west of Interstate 15, the hotelwill become the 11th member of the company's two-year-old regionalchain of extended-stay properties known as Siegel Suites.

Built in 2003 as a combination of apartment and extended-stayunits, Emerald Suites Tropicana has most recently been operated asa daily hotel and has experienced a high average vacancy rate.Michael Crandall of the Siegel Group tells GlobeSt.com that underthe Siegel Suites formula approximately 10% of the units willremain in a daily rental program and the remainder will be marketedto longer-term tenants. SASCO Properties, an affiliate of theSiegel Group, will operate the property.

“It's tucked between two Budget Suites properties, which isbasically our competition in the extended-stay market,” Crandallsays. “We will be able to offer a newer property with niceramenities for the same price.”