Marcus & Millichap Inc.
06/29/2022 | Press release | Distributed by Public on 06/29/2022 12:37
Marcus & Millichap Brokers Southeast Hospitality Portfolio Sale
Press Releases
Marcus & Millichap Brokers Southeast Hospitality Portfolio Sale
June 29, 2022
NASHVILLE, Tenn., June 29, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Hamilton Inn Extended-Stay, a five-property portfolio of hotels across Georgia and Tennessee. The portfolio traded for $29 million or $50,966 per unit.
"Located in diverse markets, these five assets are filled with long-term residents and have lengthy wait lists," said Justin Sturdivant, first vice president investments in Marcus & Millichap's Nashville office. "Starting in 2019, prior owners spent over $550,000 renovating 328 of the 569 rooms, further enhancing the property values and ultimately creating a highly competitive sales process for interested parties looking to acquire stable assets in highly sought-after markets." Sturdivant and Kylie Gee, represented the seller, LLBJ Real Estate Holdings, while Gabriel Shamay out of the firm's Fort Lauderdale office procured the buyer, The Siegel Group.
"The properties are within major metropolitan statistical areas such as Chattanooga and Atlanta, which will enhance the portfolio's value, as these major cities continue to expand and grow in diversity," added Gee. "We have seen an increase interest in extended-stay hotels, as they provide residents with long-term accommodations including full kitchenettes, larger rooms, more storage and better long-term rates while maintaining flexibility with resident occupancy. These factors, combined with the strong demographics surrounding the assets, made the Hamilton Inn portfolio an extremely attractive investment."
Ryan Nee, John Leonard and Jody McKibben are Marcus & Millichap's brokers of record for Florida, Georgia and Tennessee, respectively.
"Located in diverse markets, these five assets are filled with long-term residents and have lengthy wait lists," said Justin Sturdivant, first vice president investments in Marcus & Millichap's Nashville office. "Starting in 2019, prior owners spent over $550,000 renovating 328 of the 569 rooms, further enhancing the property values and ultimately creating a highly competitive sales process for interested parties looking to acquire stable assets in highly sought-after markets." Sturdivant and Kylie Gee, represented the seller, LLBJ Real Estate Holdings, while Gabriel Shamay out of the firm's Fort Lauderdale office procured the buyer, The Siegel Group.
"The properties are within major metropolitan statistical areas such as Chattanooga and Atlanta, which will enhance the portfolio's value, as these major cities continue to expand and grow in diversity," added Gee. "We have seen an increase interest in extended-stay hotels, as they provide residents with long-term accommodations including full kitchenettes, larger rooms, more storage and better long-term rates while maintaining flexibility with resident occupancy. These factors, combined with the strong demographics surrounding the assets, made the Hamilton Inn portfolio an extremely attractive investment."
Ryan Nee, John Leonard and Jody McKibben are Marcus & Millichap's brokers of record for Florida, Georgia and Tennessee, respectively.
# # #
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.