Marcus & Millichap brokers sale of Holiday Inn Express, TownePlace in Waco, Texas

The TownePlace Suites Waco South

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, sold a two-property hospitality portfolio in Waco, Texas. The properties are a 120-room Holiday Inn Express & Suites and a 93-room TownePlace Suites. The terms of the sale were not released.

“The portfolio is composed of newer assets with stabilized cash flows and long-term franchise agreements,” Chris Gomes, SVP investments in Marcus & Millichap’s Dallas office, said in a statement. “Located within the growing South Waco submarket, the two properties are well positioned to provide new ownership with a long-term, steady income stream.”

Allan Miller, first SVP investments, joined Gomes and Joseph Jaques in representing Supreme Bright Waco II and Waco Lodging, sellers of the Holiday Inn Express & Suites and TownePlace Suites, respectively. Gomes and Miller procured the buyer, a joint venture between Dallas-based Atlantic Hotels Group and Civitas Capital Group.

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TownePlace Suites is a four-story, 93-unit, all-suite extended-stay hotel constructed in 2016. The Holiday Inn Express & Suites is a four-story, 120-room, limited-service hotel built in 2014. Both assets are located near the intersection of North Interstate Highway 35 and Highway 6 near area attractions, including Baylor University, McLane Stadium, the Cameron Park Zoo, the Hawaiian Falls Waco waterpark, the Dr. Pepper Museum, the Texas Sports Hall of Fame, Riverbend Ballpark and Magnolia Market at the Silos.