The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced yesterday that it had purchased the former Regency Hotel out of bankruptcy for $5 million. This acquisition increases the number of Siegel Suites and Siegel Suites Select properties throughout the southwestern United States to 40 and marks the introduction of The Siegel Groups flexible-stay and extended-stay brands to the Texas market. Besides the companys many Siegel Suites locations, The Siegel Group also owns and operates a sizable commercial real estate portfolio.
The 241-unit property, which will be renamed Siegel Suites Dallas, sits on a large 6.55-acre parcel and consists of four buildings ranging from one to five stories totaling over 153,000 square feet. The property has substantial amenities and common area space including a bar and restaurant, commercial kitchen and laundry facility, theatre, office space, a fitness center and outside pool and multiple conference and banquet areas. Built in 1977 and located on Lyndon B Johnson Freeway, the property was originally constructed as a Holiday Inn. At the time, it was the largest hotel in Northeast Dallas. In the following years, the property was operated under the Radisson brand before its most recent reincarnation as the Regency Hotel. The Regency Hotel recently closed due to mismanagement and health and safety issues. In converting the location to its popular Siegel Suites brand, The Siegel Group will immediately commence a renovation of the property to address substantial deferred maintenance issues and add amenities and improvements characteristic of its many other locations. Executives from The Siegel Group will also be working on redevelopment plans to take advantage of the propertys excellent location. Initial plans include the potential demolition of a large structure that houses the bar, restaurant and conference and banquet areas to construct in its place a stand-alone building to accommodate either a fast-food or retail use.
Stephen Siegel, President of The Siegel Group stated: We are excited to have entered the Texas market with the acquisition of such an incredible property that has so much potential. We look forward to turning a closed and blighted property into a successful business that positively adds to both the surrounding community and City of Dallas. This is the first of many locations we will be opening in the Texas market and will be announcing additional locations in the near future that are currently in escrow.
The Siegel Group, which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels and apartments, hotels, retail, office, and development projects, will be operating the property as a Siegel Suites - the companys flagship brand of apartment communities which provide fully furnished apartment units and allow for flexible payment options without requiring a long-term commitment. Additionally, all Siegel Suites offer a range of amenities including its popular Siegel Rewards program which provides loyalty points that can be earned and applied towards a free stay, gift cards, electronics and much more.
The Siegel Group, a real estate investment and management company founded by Stephen Siegel with offices in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential.
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