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| Bikini Beach Resort Motel, Panama City Beach, FL |
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| 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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