The Siegel Group Nevada, Inc., a real estate investment and management company founded by Stephen Siegel, announced yesterday that it had purchased the former Phoenix Days Inn Hotel for $3.43 million. This acquisition increases the number of Siegel Suites and Siegel Suites Select properties throughout the southwestern United States to 41 and marks the fourth location The Siegel Group has opened in Arizona since first entering the market in mid-2015.
Constructed in 1986 and containing 127 units, the three-story, two building complex totals approximately 43,770 square feet and is situated on 2.34 acres. The property is centrally located at the 51st Street exit of Interstate 10. The sale also included a valuable two-sided digital billboard that is fully leased to a national advertiser. In 2015, the Arizona Department of Transportation (ADOT) acquired and subsequently closed the property as part of the Loop 202 expansion project which when completed will have added 22 miles of new freeway to the existing Phoenix metropolitan transportation system. Recently, however, ADOT determined that the land was no longer needed as part of the expansion project, which provided The Siegel Group with the opportunity to acquire the property. The property will be rebranded Siegel Suites Phoenix. The Siegel Group will immediately commence a renovation to address substantial deferred maintenance issues and add amenities and improvements characteristic of its many other locations.
Michael Crandall, Senior Vice President of The Siegel Group, stated: “We are pleased to continue the expansion of our Siegel Suites brands with the addition of another location in Phoenix. We remain extremely optimistic about the Arizona market. Our aggressive national expansion plan includes a strong focus on the state of Arizona.”
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 company’s 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 is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets.
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. 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 many businesses and a commercial real estate portfolio comprising of multi-residential apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs.
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