The Siegel Group, a real estate investment and management company, has expanded its portfolio in the US with the acquisition of the former Sunstyle Suites Inn, located in Florida.
The property was bought for $10.3m in an off-market deal that closed within 30 days.
This acquisition takes the total count of Siegel Select and Siegel Suites properties across the US to 62 and marks the hotel company’s second addition in Florida within the past six months.
Additionally, the company also has a presence in several other states, including Alabama, Arizona, Nevada, New Mexico, Ohio, Oklahoma and South Carolina, .
This sale also included an adjacent vacant parcel of land, spanning about a third of an acre, which the company aims to develop or sell.
The Siegel Group CBO Michael Crandall said: “We are excited to add this asset to our portfolio and further expand our Siegel Select Extended-Stay brand.
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“We are extremely bullish on the Florida market and are in the process of identifying additional acquisition opportunities within the state as well as nationally.”
Located in Orlando, the property will be operated under the group’s Siegel Select brand and is set to be renamed Siegel Select Orlando.
Built in 2000, the three-storey property on 2.41 acres consists of 191 units, with each featuring a kitchenette.
The Siegel Group plans to renovate the flooring, cabinetry and countertops, as well as furnish all units with new furniture and appliances.
The exterior improvements will include painting, lighting, branding and signage reflecting the Siegel Select brand.
This property is situated on the thoroughfare of the South Orange Blossom Trail and is close to the Florida Mall and a range of local tourist spots.
The Siegel Group currently manages a commercial real estate portfolio that includes apartments, retail ventures, extended-stay hotels and development projects.
In May 2023, the company acquired Stay Suites of America in Orange Park, Florida.