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| La Quinta Inn, Tallahassee, FL |
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| Helen Zaver |
DALLAS, TX, May 6,
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 a four-property portfolio of La Quinta Inns.
Two of the hotels
are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in
Knoxville, Tenn. All but one was rebranded immediately at sale and the fourth
will be rebranded in two to three months. The portfolio sold for $11,800,000.
Chris
Gomes, a senior associate in Marcus & Millichap’s Dallas office led the
sale, along with Allan Miller, an associate vice president investments
in the firm’s San Antonio office, and David Greenberg, a vice president
investments in Fort Lauderdale.
The seller is a
Dallas-based hospitality firm and the buyer is from California. Anne
Williams, a senior associate in Marcus & Millichap’s Memphis, Tenn.
office, and Helen Zaver, a senior associate in Atlanta, assisted in the
sale of the asset located in Tennessee.
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| Chris Gomes |
William Holman of the firm’s St. Louis office is the
firm’s broker of record in Missouri.
“The
location of these assets and their critical mass of rooms make this transaction
lucrative from a pure ‘price per key’ perspective,” says Gomes. “Rebranding is
one piece of the new owner’s value-add strategy.”
When the
rebranding is complete, two of the properties will be Baymont Inn & Suites
hotels and two will take the name Motel 6.
The
properties are:
· A 136-room
interior corridor hotel in the Maryland Heights suburb of St. Louis, Mo. that
was built in 1987 on 2.8 acres and is accessible from Interstate 270. Features
include ample outdoor parking, a vending area, an exercise room and an on-site
guest laundry facility. The property was operated as a Baymont Inn & Suites
until 2006.
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| David Greenberg |
· A 104-room
interior corridor hotel built in 1977 on 2.7 acres and located minutes from
Lambert – St. Louis International Airport in St. Louis, Mo. The hotel features
complimentary daily breakfast, wireless Internet access, ample parking, a
vending area, an exercise room, an outdoor swimming pool and an on-site laundry
facility for guests. A single-story restaurant located on the hotel’s east side
is leased to a third party and operates as a Denny’s. The hotel is a 2013
TripAdvisor Certificate of Excellence award winner.
· A 134-unit
mixed corridor hotel situated on 2.7 acres in Tallahassee, Fla. that is easily
accessible from Highway 27, the Apalachee Parkway. The property benefits from a
variety of tourism and leisure attractions in the area, including Lake Jackson,
the Florida State Capitol building and Alfred B. Maclay Gardens State Park.
· A 130-unit
mixed corridor hotel located on a 3.6-acre lot in Knoxville, Tenn. Built in
1986 and renovated/upgraded on a regular basis, the property features a
freestanding restaurant that is leased to a third party.
“This
transaction highlights our ability to source opportunistic capital for
deployment in multiple noncore markets,” says Gregory A. LaBerge, national
director of the firm’s National Hospitality Group (NHG). “This portfolio sale
brings the number of hotels sold so far in 2014 by the NHG to 39.”
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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