Real estate investment and management company The Siegel Group has acquired a portfolio of five extended-stay properties previously operated under the Hamilton Inn Extended-Stay brand for $29 million. The Siegel Group plans to operate each property under its Siegel Select brand.
The acquisitions increase the number of Siegel Suites and Siegel Select properties throughout the U.S. to 66 and marks the brand’s first location in Georgia and its further expansion into the Tennessee market. These locations are in addition to the company’s presence throughout Nevada, Arizona, Texas, Louisiana, New Mexico, Mississippi, Alabama, South Carolina, Ohio and Oklahoma.
Built between 1995 and 2002, the five-property portfolio has a total of of 562 studio and one-bedroom units all containing kitchenettes. Four of the properties are located in the Tennessee cities of Chattanooga, Cleveland and Knoxville with the fifth location in the Atlanta suburb of Acworth, Ga.
These newest assets, which are in good condition with minimal deferred maintenance issues, will be renamed Siegel Select Chattanooga, Siegel Select Chattanooga 2, Siegel Select Cleveland, Siegel Select Knoxville and Siegel Select Atlanta/Acworth. As part of the repositioning process, the company will be making a number of improvements, which include upgrades to the furniture and appliance packages and room amenities. Additionally, the exterior of each property will be painted along with other cosmetic upgrades, including branding and signage that are characteristic of the Siegel Select brand.
Michael Crandall, SVP of The Siegel Group, noted that the company has added eight new Siegel Select locations to its portfolio in the past 60 days. "Portfolio acquisitions such as those we just closed on enable us to quickly and efficiently expand our brand," he said in a statement. "As we continue our national expansion, we will be on the lookout for additional portfolio sales that fit our acquisition criteria.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the U.S.