Siegel Suites Expands its Brand into South Carolina
October 2, 2019
SIEGEL SUITES EXPANDS ITS BRAND INTO SOUTH CAROLINA
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had purchased the former Cloverleaf Suites Hotel in Columbia, South Carolina. This acquisition increases the number of Siegel Suites and Siegel Select properties throughout the United States to 54 and marks the brand’s first location in the South Carolina market. This location is in addition to the company’s sizable presence throughout Nevada, Arizona, Texas, New Mexico, Louisiana, Tennessee, Mississippi, and Alabama.
Built in 1988 as a Renaissance Inn by Marriott, the 123-unit property is comprised of fifteen, two-story buildings with conference space, a pool, gym, basketball court and guest laundry facility. Before the sale was finalized, the prior owner, as part of its property improvement plan, completed a substantial update to most units. Additional improvements that the Siegel Group will be making include painting the exterior of the property along with other cosmetic upgrades including branding and signage. 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, 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® Columbia, is well situated with easy access off Highway 126 and is near the Columbia Canal, Riverfront Park and the South Carolina State Capitol. The city is home to the University of South Carolina and Fort Jackson, the largest basic combat training base for the US Army. Columbia, which is the state’s second largest city, enjoys a strong and diversified economy with 31 Fortune 500 companies having operations in the market. Private industries thrive in Columbia due to its technology infrastructure, active entrepreneurial community, major research university, and diverse quality of life.
Stephen Siegel, President of The Siegel Group stated: “We are proud to include the state of South Carolina in the growing list of territories that we are entering and introducing our Siegel branded properties. We look forward to working with the community and expanding our presence 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 https://siegelcompanies.com.
Contacts
The Siegel Group Nevada, Inc.
Senior Vice President
Michael Crandall, 702-947-8322
