Monday, April 13, 2015
LAS VEGAS — The Siegel Group Nevada, Inc., a Real Estate Investment and Management Company, today announced that it had acquired the former Freeway Inn Extended Stay in Albuquerque, New Mexico. This acquisition marks the company’s introduction of its Siegel Suites brand of flexible-stay apartment residences to the New Mexico market and its expansion outside of Nevada where it is a large and well-known provider of apartment accommodations that provide a host of amenities to tenants seeking short and long-term living arrangements with flexible payment options.
Built in 1970 and located on Hotel Circle in close proximity to Interstate 40 and numerous retail establishments, the 48,000 square foot property will be renamed Siegel Suites Albuquerque and is comprised of a mix of 125 studio and one-bedroom units. As is typical with the majority of properties that The Siegel Group acquires, a complete renovation of the property will immediately commence that will include addressing deferred maintenance issues, upgrades to the interior and exterior of the building and branding the property with signage and façade improvements that are characteristic of the companies 27 other Siegel Suites locations located throughout Southern, Central and Northern Nevada. 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, office, industrial and land development.
Michael Crandall, Senior Vice President of The Siegel Group states: “We are excited to enter the New Mexico market and expand our Siegel Suites brand outside of Nevada where we are the dominant provider of flexible-stay apartment residences. As there continues to be great interest and demand in our Siegel Suites product we will be entering a number of new markets in the next 24-months as we look to further increase our presence nationally. We look forward to becoming part of the Albuquerque community and aiding in the creation of employment opportunities for locals as we have so successfully done throughout Nevada.”
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 Siegel Suites
Siegel Suites (www.siegelsuites.com) is a trademarked brand of flexible-stay apartment communities operated by The Siegel Group Nevada, Inc. With 28 locations and growing Siegel Suites is able to provide quality residences with a host of amenities to customers seeking short and long-term accommodations with properties offering fully furnished units, complimentary utilities and its signature Siegel Suites Rewards program (www.siegelsuites.com/rewards) that allows residents the opportunity to earn points for paying their rent which can be used towards Free Rent, food, movies, electronics and more. The company’s target demographic are long-term tenants that prefer the all-inclusive residential product and the flexibility of paying rent on either a weekly, semi-monthly or monthly basis without a long term rental commitment or credit requirement.
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, has acquired and repositioned hundreds of commercial properties over the years and 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.