Siegel Suites Enters the Ohio Market
October 23, 2019
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had purchased the former Hawthorn Suites by Wyndham in Holland, Ohio. This acquisition increases the number of Siegel Suites and Siegel Select properties throughout the United States to 55 and marks the brand’s first location in the Ohio market. This location is in addition to the company’s sizable presence throughout Nevada, Arizona, Texas, New Mexico, Louisiana, Tennessee, Mississippi, Alabama and South Carolina.
Built in 1987 as a “Generation 1” Renaissance Inn by Marriott, the 96-unit property is comprised of twelve, two-story buildings with a pool, gym, basketball court and guest laundry facility. The unit mix of the property is comprised of exterior entrance apartment style studios and one-bedroom lofts that are spacious with all having full kitchens and private access. Under the prior ownership the property underwent a $1.40 million renovation between 2017 and 2018 and as a result is in excellent condition. Upon takeover, The Siegel Group will immediately commence its standard property improvement plan which includes 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® Toledo/Holland, is conveniently situated off Interstate 475 in Holland, Ohio, just 20 minutes away from downtown Toledo and six miles from the University of Toledo. Retail establishments within the area include Kohl’s, Walmart and Target to name just a few. Toledo, which is home to several Fortune 500 companies, is known for its high concentration of advanced manufacturing and auto manufacturing facilities, as well as a growing presence in the alternative energy, biosciences and healthcare sectors.
Chigozie Amadi, Chief Financial Officer stated: “We are excited to include Ohio as part of the national expansion plan of our Siegel branded properties. We look forward to increasing our presence throughout the state, creating jobs and working closely with the communities in which we operate.”
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’
