Marcus & Millichap : Arranges $5.23 Million Sale of Days Inn in North Carolina
March 26, 2024 at 06:27 pm EDT
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Marcus & Millichap Arranges $5.23 Million Sale of Days Inn in North Carolina
March 26, 2024
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LEXINGTON, N.C., March 26, 2024 - 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 Days Inn Lexington, a 120-unit hotel property located in Lexington, N.C. The property sold for $5,230,000, or $43,583 per room.
"Through our competitive marketing process, we were able to generate several offers and move forward with an out-of-state buyer at a competitive price point," says Milin Mehta, associate. "This asset sold for over a 4X All-In Room Revenue Multiplier, reflecting a sustained desirability from the market on acquiring hospitality assets located in the Carolinas."
Mehta, Joce Messinger, Chase Dewese and Jack Davis, investment specialists in Marcus & Millichap's Charleston and Charlotte Uptown offices, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Ben Yelm, Broker of Record in North Carolina, assisted in closing the transaction.
Days Inn Lexington, built in 1991, is located at 1620 Cotton Grove Road. The property is on four acres featuring two floors of well-maintained guest rooms and common areas with amenities such as a business center, meeting and banquet facilities and more. Positioned directly off I-85, the hotel is centrally located in the heart of the Piedmont Triad, offering convenient accessibility to Winston-Salem, High Point and Greensboro.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.