Marcus & Millichap : Arranges the Sale of 100-Room Holiday Inn Express & Suites in West Melbourne, Florida
March 22, 2022 at 12:52 pm EDT
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WEST MELBOURNE, Fla., March 21, 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 Holiday Inn Express & Suites, a four-story, 100-room property located in West Melbourne, Florida.
"This transaction clearly represented the out-of-state demand for Florida hotels. Our top eight offers came from eight different states," said Leo Reilly, investment associate in the Marcus & Millichap Fort Lauderdale office. "The sale process also helped reinforce our suspicion that the current value premium extends to hotels driven by corporate demand and leisure."
Reilly, along with Robert Hunter and Scott Havericak, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Reilly and Hunter also procured the buyer, a limited liability company based in Massachusetts.
"Like much of the State of Florida, the Space Coast region is high growth and has shown resilience since the start of the pandemic. Due to positive trends and strong fundamentals, the competitive buyers valued this hotel beyond any historical metric would justify," added Hunter.
Holiday Inn Express & Suites is conveniently located off major thoroughfares, including US-192, Interstate 95 (I-95), and Highway 500. Built in 2018, the property amenities include an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space, and laundry facilities.
Holiday Inn Express & Suites West Melbourne is located at 2255 W Coastal Lane, West Melbourne, Florida, with standard room rates starting around $199 a night.
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About Marcus & Millichap (NYSE: MMI)
With nearly 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 13,255 transactions in 2021 with a value of approximately $84 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 16:51:03 UTC.
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.