LAS VEGAS–The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced that it had acquired three extended-stay properties for just under $18.94 million. With these acquisitions, The Siegel Group expands its Siegel Select® brand into the new markets of Oklahoma City, Houston and San Antonio and increases the total number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 59.
The Siegel Group, which operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, flexible-stay apartments, hotels, retail, office, and development projects, will be operating each property under its successful Siegel Select® brand which provides the option of either short-term daily stays or longer term extended-stay accommodations. These newest locations will be renamed Siegel Select Oklahoma City, Siegel Select Houston and Siegel Select San Antonio.
Comprised of 20 buildings spread out over 10.60 acres, the three-property portfolio totals 175,444 square feet and is made up of 382 studio, one and two bedroom units all containing kitchenettes. Each property was previously operated under a different extended-stay brand. The Houston location operated as a Studio 6 extended-stay while the Oklahoma City and San Antonio locations operated under the Sonesta ES Suites and Sonesta Simply Suites flags respectively. All properties are in good condition with minimal deferred maintenance issues. As part of the repositioning process, The Siegel Group will be making cosmetic room upgrades, and façade and branding improvements to each of the properties.
Michael Crandall, Senior Vice President of The Siegel Group, stated: “We are excited to continue the growth of our Siegel Select brand throughout the country with the addition of these three locations. We now have a total of five Siegel Suites and Siegel Select locations in the state of Texas, with plans to continue our expansion in that market. This is our first location in the state of Oklahoma, and we will continue our growth in the state and throughout the south. We are always looking for the right opportunities to add to our portfolio.”
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. If you have a property you would like to submit for consideration, please email [email protected].