The Siegel Group Begins 2019 with First of Many Scheduled Acquisitions for the Year
January 23, 2019
LAS VEGAS–(BUSINESS WIRE)–The Siegel Group Nevada, Inc. (www.siegelcompanies.com),
a real estate investment and management company announced today that it
had purchased the former Quality Inn & Suites Hotel in Jackson,
Mississippi for just under $2.4 million. This acquisition increases the
number of Siegel Suites® (www.siegelsuites.com)
and Siegel Select® (www.siegelselect.com)
properties throughout the United States to 53 and marks the second
location The Siegel Group has acquired in the Mississippi market. The
Siegel Group has just recently commenced a national expansion of its
Siegel brands and now has locations situated throughout Nevada, Arizona,
Texas, New Mexico, Tennessee, Alabama, Mississippi and Louisiana. In
2018 the company aggressively expanded into new territories and with
several properties already currently under contract estimates that
approximately 8-12 new locations will be added during 2019.
Built in 1976 with substantial renovations occurring in 1995 and 2016,
the 144-unit, 2 story exterior corridor property is located just off
Interstate 55. Jackson is the state capital and state’s largest urban
center, and local attractions and demand generators are plentiful due to
the diversity of local business and industries. The property, which will
be renamed Siegel Suites® Jackson, possesses a variety of
amenities including an outdoor swimming pool, customer laundry facility
and separate retail building. In converting the location to its popular
Siegel Suites® brand, the Siegel Group will be making a
number of improvements to the property which include installing
high-speed Wi-Fi, adding kitchenettes with full size appliances, flat
screen televisions and new flooring to all units as well as upgrading
the existing furniture packages. Additionally, the exterior of the
property will be painted along with other cosmetic upgrades including
branding and signage that are characteristic of the brand.
Chigozie Amadi, Director of Real Estate Investments for The Siegel Group
stated: “This is our first acquisition of 2019, and it is invigorating
to start the year off by adding yet another property to our growing
portfolio of Siegel branded locations. We are excited to enter the
Jackson market and foresee further expansion of our Siegel Suites®
and Siegel Select® brands throughout Mississippi and
neighboring states in the very near future.”
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.
About The Siegel Group Nevada, Inc.
The Siegel Group, a real estate investment and management company
founded by Stephen Siegel with offices located in Las Vegas, Nevada and
Studio City, California, 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, restaurant,
bars, and nightclubs. For more information on The Siegel Group and its
affiliates, visit the Company’s website at www.siegelcompanies.com.
Contacts
The Siegel Group Nevada, Inc.
Senior Vice President
Michael
Crandall, 702-947-8322