Wednesday, March 26, 2014

Marcus & Millichap Arranges Sale of Country Inn & Suites in Destin, FL for $4.65 Million

      
Country Inn & Suites4415 Commons Drive East, Destin, FL

David M. Greenberg

DESTIN, FL, March 26, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Country Inn & Suites, an 83-room hotel located in Destin, FL. The asset sold for $4,650,000 which represents $56,024 per room.

David M. Greenberg, a vice president investments, and David Altman, an associate, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Kansas. Greenberg and Altman also secured and represented the buyer, a private investor from Alabama.

“The combination of strong industry performance, increased availability of capital, and attractive interest rates make hospitality investments particularly attractive to buyers.


David Altman
"High consumer confidence has increased travel and demand for rooms and hotel operations have improved significantly and are forecasting strong gains in revenues/profits in 2014 and 2015,” says Greenberg.

“The seller of this particular hotel was an out-of-state owner who built the property as a Country Inn & Suites in 1997.  The deal represented an excellent opportunity for a hands-on owner/management company to improve its current operations and maximize the returns.  The buyer plans to capitalize on the hotel’s high-barrier-to-entry location by extensively renovating the property and repositioning it as another brand,” adds Altman.

The County Inn & Suites is an 83-room, three-story, select service hotel constructed in 1997.  The hotel is conveniently located near Destin Commons, an upscale outdoor lifestyle center, the beach, and several country clubs. The Country Inn & Suites is located at 4415 Commons Drive E in Destin, FL.

For a complete copy of the company’s news release, please contact:

 Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400


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