US: The Siegel Group has acquired three more properties in its extended stay expansion.
Las Vegas-based real estate investment and management company, The Siegel Group has announced it has 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 and Siegel Select properties throughout the United States to 59.
The Houston property used to operate as a Studio 6 extended stay, while the Oklahoma City and San Antonio locations operated under the Sonesta ES Suites (pictured) and Sonesta Simply Suites flags respectively.
Michael Crandall, senior vice president of The Siegel Group, said: “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 three properties, Siegel Select Oklahoma City, Siegel Select Houston and Siegel Select San Antonio, offer a total of 382 studio, one and two bedroom units all with kitchenettes.
The Siegel Group, a real estate investment and management company headquartered in Las Vegas, Nevada was founded by Stephen Siegel, and 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.
