A 150-unit Quality Inn & Suites located in New Port Richey, Fla. has changed hands for $9.9 million or $66,000 per room. Marcus & Millichap oversaw the transaction.
“This Quality Inn & Suites was on the market for less than a week and sold for 99 percent of the asking price, reflecting the strength of this asset,” said Jack Davis, Marcus & Millichap first VP, investments, said in a statement.
Davis, in addition to Joce Messinger, Josh Williams, Joe Simpson and Eric Webster—all of the Marcus & Millichap's Charleston office—had the exclusive listing to market the property on behalf of the seller, HDG Hotels. The team also secured the in-state buyer, Kevish Patel. Ryan Nee, the Florida broker of record, assisted in closing the transaction.
The asset is located at 5316 US-19 in New Port Richey, Fla., less than an hour's drive away from Tampa International Airport, St. Petersburg-Clearwater Airport and the University of South Florida. The hotel was constructed in 1986 and has more than 5,500 square feet of meeting space.