The Siegel Group Nevada Acquires Portfolio of Three Extended-Stay Properties for $9.36 Million
The Siegel Group Nevada, Inc., a real estate investment and management company announced that it had acquired a portfolio of three extended-stay properties for just under $9.36 million for an average of $28,000 per key. This portfolio acquisition increases the number of Siegel-branded properties throughout the United States to 51. With these acquisitions, The Siegel Group expands its Siegel brands into the new markets of Alabama and Mississippi and a second location in Louisiana which are in addition to the company's other properties situated throughout Nevada, Arizona, Texas, New Mexico and Tennessee. The company is focused on aggressively expanding its Siegel Select® (www.siegelselect.com) and Siegel Suites® (www.siegelsuites.com) brands nationally and plans for dramatic growth of its portfolio throughout the remainder of 2018.
Built between 1999-2006, the three-property portfolio is comprised of 335 units. Located in Gautier, Mississippi, Montgomery, Alabama and Alexandria, Louisiana, each of the three properties will operate as a Siegel Select®, The Siegel Group's extended-stay brand which provides short-term daily stays and extended-stay accommodations. As part of the repositioning process, the company will be making cosmetic room upgrades, and façade and branding improvements to each of the properties in addition to implementing a wide variety of marketing efforts to bring awareness to its brand in the new territories of Alabama and Mississippi.
Stephen Siegel, President of The Siegel Group stated: “This is our second portfolio acquisition of 2018 and I am extremely proud of how the national expansion of our Siegel brands has been progressing. In addition to these new locations, we have multiple properties currently under contract and will be announcing additional acquisitions related to our Siegel Suites® and Siegel Select® brands in the coming weeks.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and is able to move quickly and close transactions without any financing contingencies.
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