Wednesday, July 18, 2018

Marcus & Millichap Broker $5 Million Sale of 116-Room Hawthorn Suites by Wyndham in Jacksonville, FL


Gabriel Shamay


Jacksonville, Fla., July 18, 2018 – 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 Hawthorn Suites by Wyndham, a 116-room hospitality property located in Jacksonville, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office.
          The asset sold for $5,000,000.
"The hotel is a former Homewood Suites by Hilton and is an all-suite hotel," says Gabriel Shamay, associate, in Marcus & Millichap’s Fort Lauderdale office.
"Due to its unique layout and its high-barriers-to-entry location, we were successful in generating 19 written offers from both local and out-of-area investors and eventually closing the hotel within two percent of our list-price.

David M. Greenberg
"The sale of this hotel is a testament to the desirability of the Jacksonville hotel market and the state of Florida as a whole."

Shamay, David M. Greenberg, senior managing director investments, Robert S. Hunter, first vice president investments, David J. Altman, senior associate, all located in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and represent the buyer, a private investor.

“Based on the layout of the property, we generated interest and offers from hotel, corporate housing, multifamily and senior living buyers, and ultimately this hotel was acquired by an experienced value-add hotel investor.  
"We expect that through a hands-on management program, the buyer will successfully execute a business plan, including renovating the hotel, that will make this a very profitable hotel investment,” says Greenberg.

David J. Altman
Hawthorn Suites by Wyndham is located at 8737 Baymeadows Road in Jacksonville, FL.  
The hotel is located just off Interstate 95 and minutes from many of the city’s major points of interest including Florida State College-Jacksonville and downtown Jacksonville.

For more information, please contact:

Stephanie Carten
Stephanie.Carten@marcusmillichap.com

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

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