Marcus & Millichap Brokers the $16.7 Million Sale of a 101-Room Dania Beach Hotel
December 12, 2022
DANIA BEACH, Fla., Dec. 12, 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 Avid Dania Beach in Dania Beach, Florida. The 101-room, four-story hotel sold for $16.75 million or $165,842 per room.
"This hotel opened well into 2022 and was marketed then sold mostly on a proforma basis. Avid is not one of the more established brands where you typically see confident projections for where its RevPAR will fit in a comp set," said Robert S. Hunter, Senior Vice President Investments. "However, the property's location in the Fort Lauderdale area, one of the most vibrant high-growth markets in the Country, introduces a major margin of error for a new owner and was critical to overcoming any uncertainty about future performance."
Robert S. Hunter and Leo Reilly, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the developer. The property was purchased by an established investment group based in the Mid-Atlantic.
Opened in 2022, Avid Dania Beach is located at 3001 SW 26th Terrace and is directly off Interstate 595 and minutes from the area's major business drivers, including the Fort Lauderdale-Hollywood International Airport Port Everglades, Interstates 95 and 595 and Downtown Fort Lauderdale.
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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.
Marcus & Millichap Inc. published this content on 12 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2022 17:32:04 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 Company’s investment brokerage and financing professionals serve private clients within the private client market segment.
