Marcus & Millichap sells Ohio Holiday Inn for $11M

Holiday Inn Lima, Ohio

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada, sold the Holiday Inn & Suites in Lima, Ohio. The 116-room hotel was sold for $11 million, equating to nearly $95,000 per room.

“Placed on the market by its original developers, the property has historically strong operating margins and high average daily rates and occupancy,” said Alexandre Duong, associate VP investments in Marcus & Millichap’s Cleveland office. “Our marketing campaign produced multiple offers from out-of-state and private equity investors, and we closed the sale at 96 percent of the list price.”

Duong represented the seller and procured the buyer.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


The four-story, interior-corridor hotel is located at 803 South Leonard Ave. in Lima, one-and-a-half hours from Columbus. Common area amenities include an indoor pool, a fitness center, business center, meeting room, on-site restaurant, ice machine, free breakfast, complimentary newspaper and Wi-Fi.

Marcus & Millichap was founded in 1971, and closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.

Suggested Articles

The partnership aims to help restaurants streamline online orders from apps like GrubHub, UberEats, DoorDash, Chownow, Caviar, Postmates and others.

Two conferences traditionally held in the first half of each year are rescheduling for the second half.

In October, visitor arrivals were down 90.4 percent compared to 2019 and hotel occupancy was below 20 percent.