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.
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.