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| Best Western Premier hotel, Bryan, TX |
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| Anita Paryani Rice |
BRYAN, TX – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of a 100-room Best Western Premier
hotel located in Bryan, Texas. The terms of the sale were not disclosed.
“This transaction highlights
Marcus & Millichap’s unique ability to source opportunistic cross-product
capital, work collaboratively within our national hotel team and with
specialists in other product types, and arrange financing to meet the needs of
our clients,” says Gregory LaBerge, National Director of Marcus &
Millichap’s National Hospitality Group.
“The
new owner of this hotel is a retail property investment firm in a 1031 exchange
that ventured into the hospitality sector for the first time.”
Douglas Cole, an associate, both in Marcus &
Millichap’s West Los Angeles office, represented the buyer, a private
investment firm based in Hermosa Beach, Calif.
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| Gregory LaBerge |
“Our client asked us if it would
be possible to sell their downleg property for them and find an upleg that was
easier to manage; one that would produce a sustainable and substantial cash
flow and that was in a growing and prosperous market area,” says Cohan.
“We
fulfilled all of these objectives by arranging the sale of the downleg
property, a retail center that hadn’t changed hands in 45 years, and worked
with the firm’s hotel specialists to bring in the Best Western Premier to
complete the exchange.”
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| Marty Cohan |
David Greenberg, a vice
president investments in Marcus & Millichap’s Fort Lauderdale office, along
with Alan Miller, an associate vice president investments in the firm’s
San Antonio office and Chris Gomes, a senior associate in Dallas,
represented the seller, a private Texas-based investment group.
“For several years we have been
providing advisory services to this seller, the owner/manager of a growing
portfolio of Texas hotels, several of which were ground-up development
projects,” adds Greenberg.
“Together
we decided that 2013 would be the best time for the investment group to meet
its required return thresholds by capturing significant equity from the sale of
this hotel and moving the proceeds into Texas hotel development projects.”
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| Douglas Cole |
Anita Paryani Rice and Jake
Roberts, both vice presidents capital markets in MMCC’s West Los Angeles
office, arranged the acquisition loan for the hotel and refinancing for the
retail property.
The Best Western Premier hotel is
located at 1920 Austin’s Colony Parkway in Bryan, Texas, just off Texas State
Highway 6 at the FM-158/Boonville Road exit and three miles northeast of Texas
A&M University.
The
location is within the Bryan-College Station metropolitan statistical area in
Brazos Valley, which is also known as “Research Valley” and “The Innovation
Capital of Texas.”
“Given the availability of high
quality third-party management companies, along with attractive current and
near-term yields in this industry, buyers from other product types continue to
look for opportunities in the hospitality sector,” notes Gomes.
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| Jake Roberts |
“The hotel opened in 2009 and was
rebranded as a Best Western Premier,” concludes Greenberg. “Its award-winning
hotel management team, the Oldham Goodwin Group, will remain in place.”
With
an industry-leading investment team located in more than 35 strategic markets,
Marcus & Millichap’s National Hospitality Group sold 99 hospitality assets
in 2013.
For
a complete copy of the company’s news release, please contact:
Gina
Relva
Public
Relations Manager
(925)
953-1716
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