Marcus & Millichap Brokers the Sale of an Oceanfront Hotel in the Outer Banks
May 05, 2023
KILL DEVIL HILLS, N.C., May 5, 2023- 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 & Suites Kill Devil Hills Mariner, an 80-room hospitality property located in North Carolina's Outer Banks in the City of Kill Devil Hills.
"This sale was further evidence of the demand for leisure-driven hotels, particularly those directly on the sand," said Robert S. Hunter, senior vice president investments. "The profile of the competitive buyers was wide-ranging, which we perceived as a positive reflection on the Outer Banks but also an encouraging reminder of the value oceanfront hotels have gained following the worst of the Covid-19 pandemic."
Hunter and McLean Hicklin, investment specialists in Marcus & Millichap's Columbia, South Carolina office, had the exclusive listing to market the property on behalf of the seller, a private, generational owner. The buyer, a Virginia-based limited liability company, was also procured by Hunter and Hicklin. Ben Yelm, Marcus & Millichap's Broker of Record in North Carolina, assisted in closing this transaction.
Days Inn & Suites Kill Devil Hills Mariner is located at 1801 N. Virginia Dare Trail, situated near key local attractions including, Avalon Pier, Wright Brothers National Memorial, and Jockey's Ridge State Park.
The three-story hotel was franchised at the time of sale but will likely be operated and renovated as an independent hotel in the future. Hotel amenities include a business center, outdoor pool, and complimentary breakfast.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 20:16:56 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.
