Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced that Gordon Allred, SVP investments, closed 13 hotel transactions in 11 states totaling more than $97.2 million between Jan. 1 and Sept. 30, 2017.
“These hotel transactions are demonstrative of investor demand for limited-service properties, which comprise midscale and upper-midscale brands and accounted for nearly half of all branded hotel deals in 2016," Allred said in a statement. “Limited-service brands continue to be the focus among buyers this year, especially since financing remains accessible to the buyer pool in this segment.” Allred’s team is comprised of 10 hospitality specialists across the country.
Notable transactions by Allred and team include:
- The $17.5M sale of Best Western Beachfront Inn in Brookings, Ore.
- The $10.1M sale of a Waldorf Hotel Portfolio in Waldorf, Md.
- The $9.72M sale of a Holiday Inn Express & Suites in Gunnison, Colo.
- The $8.655M sale of a Holiday Inn Express in Southeast Indianapolis
Marcus & Millichap’s brokers of record for the sales are Adam Lewis in Oregon, Bryn Merrey in Maryland, Bob Kaplan in Colorado and Josh Caruana in Indiana.
With more than 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion.