LAS VEGAS–The Siegel Group, a real estate investment and management company, announced today that it had acquired the former Sunstyle Suites Inn located in Orlando, Florida. The property, which closed in a quick 30 day off-market transaction, was purchased for $10.33 million. This acquisition increases the number of Siegel Select® (www.siegelselect.com) and Siegel Suites® (www.siegelsuites.com) properties throughout the United States to 62 and marks the second location that the brand has acquired in the Florida market within the last six months. This newest Florida location is in addition to the company’s significant presence throughout Nevada, New Mexico, Arizona, Texas, Tennessee, Louisiana, Mississippi, Alabama, Ohio, Oklahoma, South Carolina, and Georgia.
The Siegel Group, which operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, retail and development projects, will be operating the property under its successful Siegel Select® brand which provides the option of either short-term daily stays or longer term extended-stay accommodations. The property, which will be renamed Siegel Select Orlando, is located on the heavily traveled thoroughfare South Orange Blossom Trail and in close proximity to the Florida mall and local tourist attractions.
Built in 2000 and situated on 2.41 acres, the 3-story exterior corridor property is comprised of 191 units that are all equipped with kitchenettes. The Siegel Group will be making a number of improvements including updating flooring, cabinetry and countertops as well as installing new furniture and appliance packages in all units. Additionally, the exterior of the property will be painted along with other cosmetic upgrades including lighting, branding and signage that are characteristic of the Siegel Select brand. Also included in the sale was a vacant parcel of land located contiguous to the improvements totaling approximately a third of an acre which the company will look to either develop or sell.
Michael Crandall, CBO of The Siegel Group, stated: “We are excited to add this asset to our portfolio and further expand our Siegel Select Extended-Stay brand. We are extremely bullish on the Florida market and are in the process of identifying additional acquisition opportunities within the state as well as nationally.”
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. If you have a property you would like to submit for consideration, please email [email protected].
