Former Days Inn in Phoenix to fly extended-stay flag
The Siegel Group Nevada Inc. is ramping up its Arizona portfolio with the $3.43-million acquisition of a former Days Inn hotel in Phoenix. The company plans to convert the 127-key property, which marks its fourth in the state, to its Siegel Suites apartment brand following renovations.
Built in 1986, the two-building, 43,770-sq.-ft. complex is set on 2.3 acres. In 2015, the Arizona Department of Transportation (ADOT) purchased and subsequently closed the hotel to use for its Loop 202 expansion project, which when completed will have added 22 miles of freeway to the existing Phoenix metro transportation system. Recently, ADOT determined that the land was no longer needed for the project and decided to sell.
The new owner plans to immediately start work on the building’s revamp, addressing maintenance issues and adding amenities that are consistent with the brand's other locations.
Siegel Suites is the real estate investment/management company’s flagship brand of apartment communities, which provide furnished residential units without a long-term lease. The recent acquisition increases the number of Siegel Suites and Siegel Suites Select properties throughout the southwestern U.S. to 41.
“We are pleased to continue the expansion of our Siegel Suites brands with the addition of another location in Phoenix,” says Michael Crandall, senior vice president of The Siegel Group. “We remain extremely optimistic about the Arizona market. Our aggressive national expansion plan includes a strong focus on the state of Arizona.”
The group—which has offices in Las Vegas and Studio City, California—says it’s also actively looking to acquire other value-added properties throughout the country.
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