LAS VEGAS —March 9, 2016 — The Siegel Group Nevada, Inc., a real estate investment and management company announced today that it had acquired a 260-unit extended stay property located in Phoenix, Arizona previously operated under the Legacy Suites brand for $10.55 million. This is the second Legacy Suites location that The Siegel Group has acquired from the prior ownership in the last nine months with the other property located in Casa Grande, Arizona. The acquisition of its newest location increases the properties operated under the various Siegel Suites brands to 35 with additional locations scheduled to open in 2016.
Built in 2005 and situated on approximately nine acres, the two-story, 12 building complex totals nearly 220,000 square feet and is comprised predominantly of two bedroom units each containing full kitchens. The well-maintained property has an exterior courtyard, fitness center, in‐room Ethernet internet access points, an outdoor swimming pool and spa, a commercial laundry facility and multiple shared common areas for guests to gather, work and relax. The Siegel Group will be installing Wi-Fi throughout the property, adding flat screen televisions to all units and will make minor cosmetic upgrades. Additionally, the company will brand the property with signage and façade improvements that are characteristic of their other locations situated throughout the southwestern United States.
The Siegel Group, which owns and operates a sizable commercial real estate portfolio comprised of apartments, extended-stay, hotels, retail, and office, will be operating the property as a Siegel Suites – the company’s flagship brand of apartment communities which provide fully furnished apartment units and allow for flexible payment options without requiring a long-term commitment. Additionally, all Siegel Suites offer a range of amenities including its popular Siegel Rewards™ program which provides loyalty points that can be earned and applied towards a free stay, gift cards, electronics and much more.
Stephen Siegel, President of The Siegel Group stated: “We are pleased to enter the Phoenix market and further expand our brands throughout Arizona. The Siegel Suites Select location that we recently opened in Casa Grande has outperformed our expectations and demonstrated the strong demand for our flexible-stay products, and I strongly believe that our flagship Siegel Suites brand will prove even stronger. As a result, we plan to aggressively expand our operations throughout Arizona and will be on the lookout for additional properties that we can convert to our various brands.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email [email protected].
