Siegel Suites Grows Phoenix Footprint
- Jul 21, 2017
Real estate investment and management company The Siegel Group Nevada Inc. has completed the purchase of the former Phoenix Days Inn Hotel for $3.4 million. The deal marks the fourth location the company has opened in Arizona since first entering the market in mid-2015.
Located at the 51st Street exit of Interstate 10, the 127-key property encompasses 43,770 square feet distributed across two three-story buildings. The asset located on a 2.3-acre land parcel will be rebranded as Siegel Suites Phoenix. The company will immediately commence a renovation program to address maintenance issues. Additionally, the refurbishment will add amenities and improvements characteristic to Siegel’s many other locations.
The property’s background
Back in 2015, the Arizona Department of Transportation acquired the property and consequently closed it as part of the Loop 202 expansion project which upon completion would have added 22 miles of new freeway to the existing Phoenix metropolitan transportation system. However, ADOT subsequently determined that the land was no longer needed, providing Siegel with the opportunity to acquire the asset.
“We remain extremely optimistic about the Arizona market. Our aggressive national expansion plan includes a strong focus on the state of Arizona,” Michael Crandall, senior vice president of The Siegel Group, said in prepared remarks.
Image courtesy of The Siegel Group