LAS VEGAS — March 13, 2018 — The Siegel Group Nevada, Inc. (www.siegelcompanies.com), a real estate investment and management company announced today that it had acquired a 500-unit portfolio of four extended-stay properties previously operated under the Crossland Economy Studios brand for $14 million for an average of $28,000 per key. This portfolio acquisition brings the total of Crossland locations to five that the Las Vegas-based company has acquired in the past fifteen months and increases the number of Siegel-branded properties throughout the United States to 46. With these acquisitions, The Siegel Group expands its Siegel brands into the new markets of Louisiana and Memphis which are in addition to the company’s other locations situated throughout Nevada, Arizona, Texas, and New Mexico. The company is focused on aggressively expanding its Siegel Select® (www.siegelselect.com) and Siegel Suites® (www.siegelsuites.com) brands nationally and plans for dramatic growth of its portfolio in 2018.
Built between 1996-1998, the four property portfolio totals 182,637 square feet and is comprised of 500 units all containing kitchenettes which is characteristic of the Siegel Select® brand. The properties are located in Albuquerque, New Mexico, Tucson, Arizona, Memphis, Tennessee and Bossier City, Louisiana. The Siegel Group will be operating each location under its extended-stay brand, Siegel Select®, which provides short-term daily stays and extended-stay accommodations. 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.
Stephen Siegel, President of The Siegel Group stated: “We are excited to start 2018 with the acquisition of four new properties that will significantly expand our Siegel Select® extended-stay brand as well as introduce our business model to three new territories. Demand for our brands has been overwhelming, and we are on track to open numerous locations throughout the country as part of our national expansion plan.”
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].