Siegel Expands Brands in Tucson
October 21, 2019
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had purchased the former Palm Court Inn in Tucson, Arizona for $6.10 million. At closing the property was approximately 90% occupied, reflecting the locations strong rental demand. This acquisition increases the number of Siegel Suites and Siegel Select properties throughout the United States to 56 and marks the brand’s second location in Tucson and the sixth in the Arizona market. This location is in addition to the company’s sizable presence throughout Nevada, Arizona, Texas, New Mexico, Louisiana, Tennessee, Mississippi, Alabama, South Carolina and Ohio.
Built in 1974, the 210-unit property is comprised of five, two-story buildings with a pool and guest laundry facility and mix of studio and one-bedroom units. The Siegel Group will immediately commence making upgrades to the property and addressing deferred maintenance and operational issues resulting from mismanagement of the property prior to takeover. This will include painting the exterior of the property along with branding, signage and other cosmetic upgrades. The Siegel Group, which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, flexible-stay apartments, hotels, retail, office, and development projects, will be operating the property as a Siegel Suites® – the company’s flagship brand of flexible-stay communities which provide fully furnished apartment-style units and allow for flexible payment options without requiring a long-term commitment.
The property, which will be renamed Siegel Suites® Tucson, is situated on East 22nd Street which is one of the busiest thoroughfares in Tucson and is located just miles from the University of Arizona and Downtown Tucson. The local economy has continued to experience steady grow, and major employers include the University of Arizona, Raytheon Company, the State of Arizona, Davis-Monthan Air Force Base, and a variety of Federal, city and county agencies. Other companies with a significant presence in the area include Texas Instruments, IBM, Intuit, Honeywell and Bombardier Aerospace.
Stephen Siegel, President of The Siegel Group stated: “Our Siegel-brands have done very well throughout the Arizona market. We are excited to have acquired another great property in Tucson and look forward to further expanding throughout the state.”
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 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 Nevada, Inc.
Senior Vice President
Michael Crandall, 702-947-8322
At closing the property was approximately 90% occupied.
