Marcus & Millichap sold the Holiday Inn Express & Suites in Raceland, La., for C and K Hotel Development. The property sold for $4.62 million. Other terms were not disclosed.
“The success of this auction through RealINSIGHT Marketplace demonstrates the attractiveness of the real estate market,” David Altman, first vice president of investments, said in a statement. “We generated significant interest in this property, resulting in 10 active bidders, a testament to the property's appeal and the effectiveness of our marketing strategies.”
Altman, a hotel specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. Altman collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s commercial property auction services to market the asset and secured the buyer. Steve Greer, broker of record in Louisiana, assisted in closing the transaction.
The three-story, 75-room hotel has amenities such as complimentary breakfast, a fitness center and an outdoor pool.
This auction is the second in 45 days for Altman, Sklaver, and Kates. They recently sold an eight-story, 175-room Best Western in New Orleans, spanning 122,590 square feet at 10100 I-10 Service Road, just off Interstate-10, for $3,150,000.
“The completion of two hotel transactions within two months, including the recent sale of the Best Western New Orleans, echoes the continued vigor in the hotel transaction space. Investors are actively seeking opportunities, and our recent successes confirm the strong demand,” added Altman.