LAS VEGAS--(BUSINESS WIRE)--The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had acquired a 147-unit hotel property located in Reno, Nevada previously operated under the America’s Best Value Inn brand for $5,137,500. This acquisition increases the number of Siegel Suites® and Siegel Suites Select® properties located throughout Nevada, Texas, Arizona and New Mexico to 42 and marks the fifth location the brand has opened in 2017 with additional acquisitions scheduled to close prior to year-end.
Built in 1982 and situated on a 2.41-acre parcel, the well-maintained 147-unit complex totals approximately 42,250 square feet and is comprised of large studio units and centrally located along Interstate 80 near the downtown Reno CBD, the University of Nevada at Reno and numerous area attractions. The property will be renamed Siegel Suites® 7th Street and is the sixth Siegel Suites® location in the Reno market. The property possesses a variety of amenities and common space including a guest laundry area and outdoor swimming pool as well as storage, housekeeping and kitchen space that will be repurposed in converting the location to a Siegel Suites®. The Siegel Group will be installing high-speed Wi-Fi throughout the property, adding kitchenettes and flat screen televisions to all units and upgrading the existing furniture packages. In addition to making minor cosmetic upgrades, the company will brand the property with signage and façade improvements that are characteristic of the brand.
Stephen Siegel, President of The Siegel Group, stated: “We first noticed Reno’s immense potential back in 2006 when we purchased our first property in the area. Since that time we continued to aggressively expand our holdings throughout the Reno and Sparks markets in anticipation of the rebirth and redevelopment that is finally occurring. With the tremendous economic growth that Reno is currently experiencing, we are seeing a shortage of housing options for the influx of workers that are converging on the area. Our Siegel Suites locations throughout Reno are at capacity. We are excited to increase our presence and unit count to meet the unbelievable demand for our product.”
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. If you have a property you would like to submit for consideration, please email firstname.lastname@example.org.
About The Siegel Group Nevada, Inc.
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. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.