US: The Siegel Group has announced it has acquired a portfolio of five extended stay properties, previously operated by Hamilton Inn
The $29 million acquisition means the number of Siegel Suites and Siegel Select properties in the US reaches 66 and marks the first of the group’s locations in Georgia as well as further expansion into Tennessee.
The five extended stay properties adds a mix of 562 studio and one-bedroom units all featuring kitchenettes, to the group’s existing portfolio.
Four of the properties are located in the Tennessee cities of Chattanooga, Cleveland and Knoxville, with the fifth location in Acworth, Georgia (part of the Atlanta metropolitan area).
The real estate investment and management company will be operating each property under the Siegel Select brand, which offers short, long and extended stay options.
The company will be making a number of improvements to the properties, including upgrades to the furniture and appliance packages as well as in-room amenities. Other updates include painting the exteriors of the properties and adding Siegel Select branding and signage.
Michael Crandall senior vice president of The Siegel Group said: “We have added eight new Siegel Select locations to our portfolio in the last 60 days. Portfolio acquisitions such as those we just closed on enable us to quickly and efficiently expand our brand. As we continue our national expansion, we will be on the lookout for additional portfolio sales that fit our acquisition criteria.”
Headquartered in Las Vegas, Nevada and founded by Stephen Siegel the group specialises in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. Its commercial real estate portfolio comprises of multi-residential, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, office, restaurants and bars.
In May The Siegel Group announced the acquisition of three properties into the new markets of Oklahoma City, Houston and San Antonio in a deal just under $18.94 million.
