The Siegel Group has purchased three extended-stay properties in Houston, Oklahoma City and San Antonio for just under $18.94 million, expanding the Las Vegas-based company's Siegel Select extended-stay brand into three new markets.
The three-property portfolio comprises 20 buildings spread out over 10.6 acres, totals 175,444 square feet and is made up of 382 studio, one- and two-bedroom units all containing kitchenettes. Each property was operated under a different extended-stay brand.
The Houston location, which was previously owned by WMF Investments, was a Studio 6 extended-stay. The Oklahoma City and San Antonio locations — which were sold by Service Properties Trust, according to CoStar data — were operated under the Sonesta ES Suites and Sonesta Simply Suites flags, respectively. HVS Brokerage & Advisory's Eric Guerrero, James Rebullida and Fadi Rawashdeh brokered the Houston sale.
The three properties will be renamed Siegel Select Oklahoma City, Siegel Select Houston and Siegel Select San Antonio. All three properties are in good condition with minimal deferred maintenance issues, according to Siegel. As part of the repositioning process, Siegel will be making cosmetic room upgrades and facade and branding improvements to each property.
This purchase increases the total number of Siegel Suites and Siegel Select properties throughout the United States to 59. The Siegel Select brand provides the option of either short-term daily stays or longer-term extended-stay accommodations.
"We are excited to continue the growth of our Siegel Select brand throughout the country with the addition of these three locations," Michael Crandall, senior vice president of The Siegel Group, said in a statement. "We now have a total of five Siegel Suites and Siegel Select locations in the state of Texas, with plans to continue our expansion in that market. This is our first location in the state of Oklahoma, and we will continue our growth in the state and throughout the south. We are always looking for the right opportunities to add to our portfolio.