US: The Siegel Group has acquired a 500-unit portfolio of four extended-stay properties previously operated under the Crossland Economy Studios brand.
It paid $14 million for the properties, representing an average of $28,000 per key. The acquisition increases the number of Siegel-branded properties throughout the US to 46.
Built between 1996 and 1998, the four property portfolio totals 182,637 square feet and is comprised of 500 units all containing kitchenettes. 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.
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 expanding its Siegel Select and Siegel Suites brands nationally, and plans for “dramatic growth” of its portfolio in 2018.
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.”
