The Siegel Group, a real estate investment and management company, has acquired the former Sunstyle Suites Inn in Orlando. The property, which closed in a quick 30 day off-market transaction, was purchased for $10.33 million. Other terms were not disclosed.
This acquisition increases the number of Siegel Select and Siegel Suites properties throughout the United States to 62 and marks the second location that the brand has acquired in the Florida market within the last six months. This newest Florida location is in addition to the company’s presence throughout Nevada, New Mexico, Arizona, Texas, Tennessee, Louisiana, Mississippi, Alabama, Ohio, Oklahoma, South Carolina and Georgia.
The Siegel Group, which operates a commercial real estate portfolio consisting of apartments, extended-stay hotels, retail and development projects, will be operating the property under its Siegel Select brand which provides the option of either short-term daily stays or longer term extended-stay accommodations. The property will be renamed Siegel Select Orlando.
Built in 2000 and situated on 2.41 acres, the three-story exterior corridor property has 191 units that are all equipped with kitchenettes. The Siegel Group will be making a number of improvements including updating flooring, cabinetry and countertops as well as installing new furniture and appliance packages in all units. Additionally, the exterior of the property will be painted along with other cosmetic upgrades including lighting, branding and signage that are characteristic of the Siegel Select brand. Also included in the sale was a vacant parcel of land located contiguous to the improvements totaling approximately a third of an acre which the company will look to either develop or sell.
“We are excited to add this asset to our portfolio and further expand our Siegel Select Extended-Stay brand," The Siegel Group Chief Business Officer Michael Crandall said in a statement. "We are extremely bullish on the Florida market and are in the process of identifying additional acquisition opportunities within the state as well as nationally.”