The Siegel Group Begins 2019 with First of Many Scheduled Acquisitions for the Year
The Siegel Group Nevada, Inc. announced today that it had purchased the former Quality Inn & Suites Hotel in Jackson, Mississippi for just under $2.4 million. This acquisition increases the number of Siegel Suites and Siegel Select properties throughout the United States to 53 and marks the second location The Siegel Group has acquired in the Mississippi market. The Siegel Group has just recently commenced a national expansion of its Siegel brands and now has locations situated throughout Nevada, Arizona, Texas, New Mexico, Tennessee, Alabama, Mississippi and Louisiana. In 2018 the company aggressively expanded into new territories and with several properties already currently under contract estimates that approximately 8-12 new locations will be added during 2019.
Built in 1976 with substantial renovations occurring in 1995 and 2016, the 144-unit, 2 story exterior corridor property is located just off Interstate 55. Jackson is the state capital and state’s largest urban center, and local attractions and demand generators are plentiful due to the diversity of local business and industries. The property, which will be renamed Siegel Suites Jackson, possesses a variety of amenities including an outdoor swimming pool, customer laundry facility and separate retail building. In converting the location to its popular Siegel Suites brand, the Siegel Group will be making a number of improvements to the property which include installing high-speed Wi-Fi, adding kitchenettes with full size appliances, flat screen televisions and new flooring to all units as well as upgrading the existing furniture packages. Additionally, the exterior of the property will be painted along with other cosmetic upgrades including branding and signage that are characteristic of the brand.
Chigozie Amadi, Director of Real Estate Investments for The Siegel Group stated: “This is our first acquisition of 2019, and it is invigorating to start the year off by adding yet another property to our growing portfolio of Siegel branded locations. We are excited to enter the Jackson market and foresee further expansion of our Siegel Suites and Siegel Select brands throughout Mississippi and neighboring states in the very near future.”
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.