LAS VEGAS–The Siegel Group (www.siegelcompanies.com), a real estate investment and management company announced today that it had acquired a portfolio of five extended-stay properties previously operated under the Hamilton Inn Extended-Stay brand for $29 million. These acquisitions increase the number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 66 and marks the brand’s first location in Georgia and its further expansion into the Tennessee market. These locations are in addition to the company’s significant presence throughout Nevada, Arizona, Texas, Louisiana, New Mexico, Mississippi, Alabama, South Carolina, Ohio and Oklahoma.
Built between 1995-2002, the five-property portfolio is comprised of a mix of 562 studio and one-bedroom units all containing kitchenettes. Four of the properties are located in the Tennessee cities of Chattanooga, Cleveland and Knoxville with the fifth location in Acworth, Georgia which is part of the Atlanta metropolitan area. At the time of acquisition each of the properties demonstrated high occupancy and under-market rates. The Siegel Group will be operating each property under its successful Siegel Select® brand which provides the option of either short-term daily stays or longer term extended-stay accommodations. These newest locations, which are in good condition with minimal deferred maintenance issues, will be renamed Siegel Select Chattanooga, Siegel Select Chattanooga 2, Siegel Select Cleveland, Siegel Select Knoxville, and Siegel Select Atlanta/Acworth. As part of the repositioning process, the company will be making a number of improvements which include upgrades to the furniture and appliance packages and room amenities. Additionally, the exterior of each property will be painted along with other cosmetic upgrades including branding and signage that are characteristic of the Siegel Select brand.
Michael Crandall, Senior Vice President of The Siegel Group, stated: “We have added 8 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.”
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 properties@siegelcompanies.com.
