LAS VEGAS āNovember 8, 2017 ā The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced today that it had completed the sale of its Siegel SuitesĀ® St. Louis, a 92-unit multi-residential complex in Las Vegas, Nevada, for $7.30 million. The Siegel SuitesĀ® brand was not included as part of the sale and all branding and signage was immediately removed prior to closing. The buyer was an investor based out of California that was involved in a 1031 exchange and aggressively pursued the acquisition of the property. Cathy Jones with Sun Commercial Real Estate exclusively represented the marketing and sale of the property on behalf of the company. Located directly across from the Stratosphere Hotel & Casino, the property was originally acquired by The Siegel Group in May 2006. This property is just one of the 43 Siegel Suites branded properties that are part of the companyās larger portfolio comprised of approximately 100 commercial properties.
Stephen Siegel, President of The Siegel Group stated: āThis is the first Siegel SuitesĀ® location we have sold since establishing the brand in 2005. We are not sellers when it comes to our Siegel SuitesĀ® and Siegel Suites SelectĀ® brands which we are aggressively expanding and currently total approximately 43 locations throughout Nevada, Texas, Arizona and New Mexico. However, we recently decided to begin disposing of a handful of smaller Siegel SuitesĀ® locations that contain fewer than 100 units and were acquired when our brand was first established that no longer align with our investment criteria of properties ranging from 150-500 units. While we decided to sell this particular location, and obtained a sales price we could not turn down, we are expanding our presence in Las Vegas and other markets and will be announcing numerous new Siegel SuitesĀ® locations that will be coming online between now and the 1st quarter of 2018.ā
The Siegel Group which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels and apartments, hotels, retail, office, and development projects is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
