Monday, May 30, 2016

120-Room Best Western Savannah Gateway Hotel in Savannah, GA Sold for $3.75 Million in Deal Handled by Marcus & Millichap

Best Western Savannah Gateway Hotel, 1 Gateway Boulevard East, Savannah, GA

David M. Greenberg
SAVANNAH, GA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Best Western Savannah Gateway, a 120-room hotel with an attached 24-hour Denny’s restaurant, located in Savannah, GA. The asset sold for $3,750,000.

            “This was an excellent opportunity to acquire a value-add hotel with strong brand recognition. The seller bought the property in mid-2014 and made more than $150,000 in property improvements,” says David M. Greenberg, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The additional source of income from the restaurant also made this deal especially attractive.”

Greenberg along with Robert S. Hunter, a senior associate, and David Altman and McLean Hicklin, associates, all in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer in the transaction.  Michael Fasano, Broker, assisted in closing this transaction.

“We leveraged our national brand and platform to reach buyers across the country which generated immediate interest from investors and ultimately closed with a buyer from California. The property sold for $1.2 million more than its previous 2014 sales price,” adds Hunter.

Located at 1 Gateway Boulevard East, the pet-friendly hotel is near The Historic District of Savannah, the Mighty 8th Air Force Museum, Fort Stewart, Tybee Island and more. It has prime visibility from Interstate 95 and Georgia State Route 204.

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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