Marcus & Millichap Sells Travelodge Inn & Suites for $6.28M

TAMPA, FL, March 7, 2008--The sale of Travelodge Inn & Suites (photo top right) was announced today by Steven M. Ekovich, First Vice President and Regional Manager for the Jacksonville, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $6,280,000 to Dr. Kenneth Choi, a private investor based out of Los Angeles, California. Mr. Nilesh Patel, the seller, has owned the property since 2005. David Hsieh and Mark Prideaux of Marcus & Millichap’s Jacksonville office represented the Sellers in this transaction.

Benefiting from the growth in Jacksonville, its airport location and the anticipated demand to be generated by the shipping port a few minutes away, this hotel investment gave its prior owners a positive return for their money and is expected to generate very strong cash flow and equity growth for its new owner.

“This hotel was a diamond in the rough, which simply needed its four “C’s” so to speak, exposed to our client base”, stated Mark Prideaux, lead broker on this sale. The result was a 1031 related sale at 97% of asking price.

The Travelodge Inn & Suites has 192 rooms and has recently undergone over $1 million in capital improvements and benefits. The property is situated only one half-mile from the rapidly expanding Jacksonville International Airport.

With more than 60 offices nationwide, more than 1,300 investment professionals nationwide and sales in excess of $20.5 billion last year, Encino, California-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. Since its inception in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

Contacts:

Steven M. Ekovich

Marcus & Millichap

813 387 4700 or

Sue Sampson
Brokerage Administrator/CAST
Marcus & Millichap
7650 Courtney Campbell Causeway
Suite 920
Tampa, FL. 33607
Phone: (813) 387-4700
Fax: (813) 387-4710