The Siegel Group Completes Sale of Four Extended-Stay Properties for $184.5m
The Siegel Group, a real estate investment and management company, announced that it had sold four extended-stay properties in an off-market transaction for $184.50 million at a blended per unit cost of approximately $167,400. Each property was operated under the company's successful Siegel Suites® brand of flexible-stay communities which has locations throughout the United States. These assets were sold unencumbered of the Siegel Suites brand.
The properties sold included two assets in the Las Vegas market totaling approximately 400 units and another two locations in the Phoenix market totaling just over 700 units. At the time of sale, the occupancy at each property was in the mid-nineties. The Siegel Group, which operates a sizable commercial real estate portfolio, plans to redeploy some of the funds from the sale towards the acquisition of eight extended-stay properties in various parts of the country and 10 acres of development land on the Las Vegas Strip which are all currently under contract to close in the second quarter of 2022.
Stephen Siegel, President of The Siegel Group stated: "We rarely sell properties but the offers we received were extremely appealing and made the decision easy. While we are long-term holders, we will from time to time dispose of assets if the pricing and timing is right."
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and can move quickly and close transactions without any financing contingencies.