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| Radisson Largo-Washington DC Hotel 9100 Basil Court, Largo, MD |
LARGO, MD – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of the Radisson
Largo-Washington, D.C., a 184-room hotel in Largo, Md. The $10.45 million
sales price equates to $56,800 per room.
David
Greenberg, vice president investments in Marcus & Millichap’s Fort
Lauderdale office, along with Jonathan Ruprai, senior associate, and Dennis
Hopper, associate, both in the firm’s Tampa office, represented the seller,
Philadelphia-based AMC Delancey.
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| Karianne J. Cibello |
Gordon Allred, first vice president investments in
Marcus & Millichap’s Ontario, Calif. office, and Karianne Cibello,
associate in the firm’s Washington, D.C. office, represented the locally based
buyer.
The sale is indicative of the collaborative national platform for which
Marcus & Millichap is known.
“Our
strategic marketing campaign produced numerous offers, and ultimately an
attractive sales price for the seller,” says Ruprai. “The seller capitalized on
healthy market conditions and the opportunity to reposition to a superior
brand.”
“Acquired at a discount to replacement cost, the property
gives the new owner several options, including continuing to operate the hotel
as a Radisson, rebranding to a different flag, or converting the hotel to an
alternative use,” adds Allred.
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| David Greenberg |
“The industry and economic indicators are showing an uptick
in the Washington, D.C. market and the timing of this transaction was beneficial
for both buyer and seller.
“In a market with historically tight supply and high demand,
this is a win-win situation as the new owner will be able to successfully
reposition the investment in a resilient and upward trending environment,”
Allred concludes.
The property is located at 9100 Basil Court in Largo, Md.
off the Capitol Beltway at Exit 17A. FedEx Field, Computer Science Corp., Six
Flags America, the Internal Revenue Service, Andrew’s Air Force Base, the
University of Maryland-College Park and other area businesses and attractions
are nearby.
With an industry-leading investment team located in more
than 40 strategic markets, Marcus & Millichap’s National Hospitality Group
has now sold more than 140 hospitality assets year-to-date.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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