The Siegel Group acquired five Hamilton Inn Extended-Stay properties for $29 million, the real estate investment and management company announced in a news release Monday. The deal brings the company’s portfolio across the U.S. to 66 properties.
Of the five new properties, which will now be under the Siegel Select brand, four are located in three Tennessee cities — Chattanooga, Cleveland and Knoxville — and one is located in Acworth, Georgia, part of the Atlanta metropolitan area. Each property will receive cosmetic upgrades on the exterior and upgrades to furniture, appliance packages and room amenities. In total, The Siegel Group adds 562 studio and one-bedroom units containing kitchenettes in the deal, according to the news release.
“Portfolio acquisitions such as those we just closed on enable us to quickly and efficiently expand our brand,” said Michael Crandall, The Siegel Group senior vice president. “As we continue our national expansion, we will be on the lookout for additional portfolio sales that fit our acquisition criteria.”