LAS VEGAS–(BUSINESS WIRE)–The Siegel Group, a real estate investment and management company, announced today that it had sold four extended-stay properties in an off-market transaction for $184.50 million at a blended per unit cost of approximately $167,400. Each property was operated under the company’s successful Siegel Suites® brand of flexible-stay communities which has locations throughout the United States. These assets were sold unencumbered of the Siegel Suites brand.
The properties sold included two assets in the Las Vegas market totaling approximately 400 units and another two locations in the Phoenix market totaling just over 700 units. At the time of sale, the occupancy at each property was in the mid-nineties. The Siegel Group, which operates a sizable commercial real estate portfolio, plans to redeploy some of the funds from the sale towards the acquisition of eight extended-stay properties in various parts of the country and 10 acres of development land on the Las Vegas Strip which are all currently under contract to close in the second quarter of 2022.
Stephen Siegel, President of The Siegel Group stated: “We rarely sell properties but the offers we received were extremely appealing and made the decision easy. While we are long-term holders, we will from time to time dispose of assets if the pricing and timing is right.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and can 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.
About The Siegel Group
The Siegel Group, a real estate investment and management company headquartered in Las Vegas, Nevada and founded by Stephen Siegel, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, office, restaurants and bars. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
Contacts
The Siegel Group
Senior Vice President
Michael Crandall: 702-947-8322