US: The Siegel Group Nevada has acquired two former Budgetel extended stay hotels in Birmingham, Alabama for conversion to its Siegel Select brand.
The acquisitions increase the number of Siegel Suites and Siegel Select properties throughout the US to 58 and mark the brand’s second and third locations in the Alabama market. It also has a presence throughout Nevada, Arizona, Texas, New Mexico, Louisiana, Tennessee, Mississippi, Alabama, South Carolina and Ohio.
The Siegel Group, which operates a portfolio consisting of apartments, extended-stay hotels, flexible-stay apartments, hotels, retail, office, and development projects, will be operating both properties under its Siegel Select® brand which provide the option of either short-term daily stays or longer term extended-stay accommodations with the ability to add amenities such as housekeeping and linen service.
Built in 1992 and 1995, the assets offer a combined 85,000 square feet, with 252 units, all containing full kitchenettes, with occupancy averaging between 75 to 80 per cent. Prior to takeover the properties experienced management as well as deferred maintenance issues that will be immediately addressed. In converting each of the locations to its Siegel Select brand, The Siegel Group will be making a number of improvements to both properties which include installing high-speed Wi-Fi, adding full size appliances, flat screen televisions, new flooring as well as upgrading the existing furniture packages and guest laundry facilities. Additionally, the exterior of the property will be painted along with other cosmetic upgrades including branding and signage that are characteristic of the brand.
The properties, which will be renamed Siegel Select Birmingham and Siegel Select Birmingham II are located approximately 15 miles from the downtown area.
Stephen Siegel, president of The Siegel Group, said: “We opened our first Siegel Select location in Montgomery, AL just under two years ago which has outperformed our expectations. When the opportunity to acquire these two off-market properties was presented, we knew immediately that demand for our product would be overwhelming in the Birmingham market.”
</p
