The Siegel Group Completes Sale of Four Extended-Stay Properties for $184.5m

USA, Las Vegas, Nevada. May 10, 2022

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.

Business Contact:

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Coming up in June 2023...

Sales & Marketing: Integrating Technology

The Sales & Marketing department is responsible for maximizing a hotel's revenue by developing programs to increase occupancy and to make profitable use of its meeting and leisure facilities. Increasingly, managers are utilizing sophisticated digital technology to help them achieve those goals. Virtual Reality is being integrated into booking engines which provide potential guests the opportunity to tour a property from afar, including wedding, event and food & beverage facilities. Voice Search has also become a popular marketing tool. Using smart home devices, it's now possible for customers to book hotels entirely through voice commands. Chatbots are becoming more ubiquitous as hotels seek to refine their online customer service. Chatbots can answer common questions, push key marketing messages, increase direct bookings, and even guide customers through the booking process. Finally, hotels are already preparing for the debut of the Metaverse and planning how sales and marketing departments will fully participate. The June Hotel Business Review will focus on the sales and marketing strategies that some hotels are adopting and how they are benefiting from them.