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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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

After six months as EVP/chief accounting officer, Peery will replace Rachael Rothman as the REIT's EVP/CFO.

Should all of 2020's scheduled hotels come online as planned, China will open the most new rooms next year since the cyclical peak in 2014.

The luxury goods company is set to acquire Tiffany & Co. in a deal worth $16.2 billion.