LAS VEGAS--(BUSINESS WIRE)--The Siegel Group, a real estate investment and management company, announced today that it had acquired the former Stay Suites of America located in Orange Park, Florida. The property, which suffered from deferred maintenance and management issues, was purchased in an all-cash transaction for $7 million and quickly closed in under 30 days. This acquisition increases the number of Siegel Suites® (www.siegelsuites.com) and Siegel Select® (www.siegelselect.com) properties throughout the United States to 61 and marks the brand’s first location in the Florida market. This location is in addition to the company’s significant presence throughout Nevada, New Mexico, Arizona, Texas, Tennessee, Louisiana, Mississippi, Alabama, Ohio, Oklahoma, South Carolina, and Georgia.
The Siegel Group, which operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels, flexible-stay apartments, hotels, retail, office, and development projects, will be operating the property under its successful Siegel Select® brand which provides the option of either short-term daily stays or longer term extended-stay accommodations. The property, which will be renamed Siegel Select Orange Park, is located directly off Interstate 295 and in close proximity to Downtown Jacksonville. Built in 1998, the 3-story exterior corridor property totals approximately 57,060 square feet and is comprised of 144 units that are all equipped with kitchenettes. The Siegel Group will be making a number of improvements including updating flooring and cabinetry, 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 branding and signage that are characteristic of the Siegel Select brand.
Chigozie Amadi, Chief Financial Officer of The Siegel Group stated: “We have been looking for the right opportunity to enter the Florida market and are excited to introduce our Siegel Select brand to Orange Park. Now that we have established a presence in this new market, we plan to further expand our Siegel Select and Siegel Suites brands throughout the state.”
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. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
About The Siegel Group
The Siegel Group, a real estate investment and management company headquartered in Las Vegas, Nevada and founded by Stephen Siegel, 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, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, and office. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
