Tuesday, March 22, 2016

Marcus & Millichap Closes $7.3 Million Sale of 84-Room Bikini Beach Resort Motel in Panama City Beach, FL

Bikini Beach Resort Motel, Panama City Beach, FL

David Altman
PANAMA CITY BEACH, FL – 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 Bikini Beach Resort Motel, an 84-room hotel located in Panama City Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,300,000 equating to $86,905 per room.

“This was a unique opportunity for an investor to acquire a beachfront hotel with additional land directly across the street,” says David Altman, an associate in Marcus & Millichap’s Fort Lauderdale office. 

“The property had been owned and operated by the same family for over 30 years. The buyer saw an opportunity to add value by renovating the property and adding a third-party management company.”

Altman and David M. Greenberg, a vice president investments also in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer of the property.

Built in 1988, the Bikini Beach Resort Motel is an 84-room, five-story beachfront hotel with over 300 feet of direct frontage on the Gulf of Mexico. Included in the sale were three land parcels located on the north side of Front Beach Road, directly across the street from the hotel. 

Bikini Beach Resort Motel is located at 11001 Front Beach Road - approximately five miles east of Pier Park.

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

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL
(954) 245-3400

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