Friday, June 12, 2015
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced today that it had acquired a 483-unit extended stay property in Arizona previously operated under the Legacy Suites brand for $8.30 million. The acquisition of its newest location increases the properties operated under the various Siegel Suites brands to 34 with additional locations scheduled to open in 2015. In addition to the company’s many Siegel Suites locations, The Siegel Group also owns and operates a sizable commercial real estate portfolio comprised of apartments, hotels, retail, and office.
Built in 2008 and located between Phoenix and Tucson in the growing city of Casa Grande, Arizona, the property is comprised of 10 buildings totaling nearly 200,000 square feet on approximately 8 acres with a mix of studio and one bedroom units that are fully furnished with individual kitchenettes. The property, which is in excellent condition, has an exterior courtyard, fitness center, cyber café, meeting room, in‐room Ethernet internet access points, two outdoor swimming pools, a commercial laundry facility and multiple shared common areas for guests to gather, work and relax. The Siegel Group will be installing Wi-Fi throughout the property, adding flat screen televisions to all units and will make minor cosmetic upgrades. Additionally, the company will brand the property with signage and façade improvements that are characteristic of their other locations situated throughout the southwestern United States.
The Siegel Group, which operates Siegel Suites, a large portfolio of flexible-stay apartment communities, will be converting this location to its newest brand — Siegel Suites Select – which was recently launched in Las Vegas with the company’s acquisition of two extended stay properties that were previously operated under the Crestwood Suites brand. Unlike the company’s flagship brand which provides tenants with fully furnished apartment units allowing for flexible payment options without requiring a long-term commitment, Siegel Suites Select will cater to business professionals, corporate groups and customers looking to stay for a minimum of a week as well as longer term guests looking to make Siegel Suites Select their home for extended periods of time. Each guest will have the option of paying for weekly housekeeping and linen service on an as-need basis. Additionally, all Siegel Suites Select properties will offer a range of amenities including “The Longer You Stay, The Less You Pay™” program which provides a discount that increases in relation to the guest’s length of stay. Guests will also be able to enroll in the company’s Siegel Rewards™ program which provides loyalty points that can be earned and applied towards a free stay, gift cards, electronics and much more.
Interest and commercial development in the Casa Grande market has intensified during the recent years with the planned development of the PhoenixMart project: a $1 billion dollar development modeled after similar developments in Dubai and China that will include a 1.5 million square foot business-to-business sourcing center for manufacturers and distributors to showcase their products. The complex will feature more than 2,000 manufacturers and categories including: Home and Hotel, Industrial and Automotive, Electronics and Accessories, Food and Beverage, Office and Recreation, and Fashion and Variety. Vertical construction of the PhoenixMart is scheduled to commence later this year, and initial estimates anticipate it will create more than 7,000 direct and indirect jobs in the Casa Grande market.
Steve Siegel, President of The Siegel Group stated: “We are thrilled to enter the Arizona market with the acquisition of such a phenomenal property that is not only newer construction and in impeccable condition but is located on the main thoroughfare of an area that is undergoing significant economic development. Just by looking at all the new retail developments that are anchored by some of the largest big box businesses in the country, one can easily see Casa Grande is destined for big things. This most recent Siegel Suites Select location is just one of the many we plan to establish in Arizona as we continue to expand the national footprint of our various brands.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email email@example.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 apartment complexes, flexible-stay, 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.