The Siegel Group completes sale of four extended-stay properties for $184m

The Siegel Group, a real estate investment and management company, has sold four extended-stay properties in an off-market transaction for $184.5 million at a blended per-unit cost of approximately $167,400.

Each property was operated under the company’s successful Siegel Suites® brand of flexible-stay communities, which has locations throughout the United States. These assets were sold unencumbered of the Siegel Suites brand.

The properties sold included two assets in the Las Vegas market totaling approximately 400 units and two locations in the Phoenix market totaling just over 700 units. At the time of sale, the occupancy rate at each property was in the mid-90s. The Siegel Group, which operates a sizable commercial real estate portfolio, plans to redeploy some of the funds from the sale toward the acquisition of eight extended-stay properties in various parts of the country and 10 acres of development land on the Las Vegas Strip now under contract to close in se