Marcus & Millichap sells $11.8M four-property hotel portfolio

Marcus & Millichap sold a four-property portfolio of La Quinta Inns. Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla., and one is in Knoxville, Tenn. All but one was rebranded immediately at sale and the fourth will be rebranded in two to three months. The portfolio sold for $11,800,000.

Chris Gomes, a senior associate in Marcus & Millichap’s Dallas office led the sale, along with Allan Miller, an associate VP investments in the firm’s San Antonio office and David Greenberg, a VP investments in Fort Lauderdale. The seller is a Dallas-based hospitality firm and the buyer is from California. Anne Williams, a senior associate in Marcus & Millichap’s Memphis, Tenn. office, and Helen Zaver, a senior associate in Atlanta, assisted in the sale of the asset located in Tennessee. William Holman of the firm’s St. Louis office is the firm’s broker of record in Missouri.

When the rebranding is complete, two of the properties will be Baymont Inn & Suites hotels and two will take the name Motel 6

The properties are:

·       A 136-room interior corridor hotel in the Maryland Heights suburb of St. Louis, Mo. that was built in 1987 on 2.8 acres and is accessible from Interstate 270. The hotel includes outdoor parking, a vending area, an exercise room and an on-site guest laundry facility. The property was operated as a Baymont Inn & Suites until 2006.

·       A 104-room interior corridor hotel built in 1977 on 2.7 acres and located minutes from Lambert – St. Louis International Airport in St. Louis, Mo. The hotel has complimentary daily breakfast, wireless Internet access, parking, a vending area, an exercise room, an outdoor swimming pool and an on-site laundry facility for guests. A single-story restaurant located on the hotel’s east side is leased to a third party and operates as a Denny’s. The hotel is a 2013 TripAdvisor Certificate of Excellence award winner.

·       A 134-unit mixed corridor hotel situated on 2.7 acres in Tallahassee, Fla. that is accessible from Highway 27, the Apalachee Parkway. The property benefits from a variety of tourism and leisure attractions in the area, including Lake Jackson, the Florida State Capitol building and Alfred B. Maclay Gardens State Park.

·       A 130-unit mixed corridor hotel located on a 3.6-acre lot in Knoxville, Tenn. Built in 1986 and renovated/upgraded on a regular basis, the property has a freestanding restaurant that is leased to a third party.

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