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| Country Inn & Suites, 4415 Commons Drive East, Destin, FL |
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| David M. Greenberg |
DESTIN, FL, March 26, 2014 – 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 Country
Inn & Suites, an 83-room hotel located in Destin, FL. The asset sold
for $4,650,000 which represents $56,024 per room.
David M. Greenberg, a vice president investments, and
David Altman, an associate, in Marcus & Millichap’s Ft. Lauderdale
office, had the exclusive listing to market the property on behalf of the
seller, a private investor from Kansas. Greenberg and Altman also secured and
represented the buyer, a private investor from Alabama.
“The combination of strong industry performance, increased
availability of capital, and attractive interest rates make hospitality
investments particularly attractive to buyers.
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| David Altman |
"High consumer confidence has increased travel and demand for rooms and
hotel operations have improved significantly and are forecasting strong gains
in revenues/profits in 2014 and 2015,” says Greenberg.
“The seller of this particular hotel was an out-of-state
owner who built the property as a Country Inn & Suites in 1997. The deal represented an excellent
opportunity for a hands-on owner/management company to improve its current
operations and maximize the returns.
The buyer plans to capitalize on the hotel’s high-barrier-to-entry
location by extensively renovating the property and repositioning it as another
brand,” adds Altman.
The County Inn & Suites is an 83-room, three-story, select
service hotel constructed in 1997. The
hotel is conveniently located near Destin Commons, an upscale outdoor lifestyle
center, the beach, and several country clubs. The Country Inn & Suites is
located at 4415 Commons Drive E in Destin, FL.
For a complete copy of the company’s news release, please
contact:
Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400
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