 |
| Jonathan Gerszberg |
OCALA, FL, June 20, 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 Quality
Inn, a 152-room hospitality property located in Ocala, FL. The asset sold
for $3,500,000.
Jonathan Gerszberg, a senior associate, Ahmed
Kabani, a senior associate, and Dominic Vito, an associate, in
Marcus & Millichap’s Miami office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company from Miami.
 |
| Ahmed Kabani |
The buyer, a private
investor from Fort Lauderdale, was secured and represented by David M.
Greenberg, a vice president investments, in Marcus & Millichap’s Fort
Lauderdale office. Last year, the same
agents listed and sold a Hampton Inn in Ocala, making this the second hotel
sale in as many years for Marcus & Millichap.
“Last year,” says Kabani, “we had great interest in the
Hampton Inn we sold, with more than 10 offers.
Investors see Ocala as a growing market because it is central for
tourists and business travelers.”
 |
| David M. Greenberg |
Vito notes that, “The seller of the Quality Inn did a
fantastic job repositioning a distressed asset, and felt that the market was
right for them to capitalize on the value they had created. We generated six offers and ultimately
selected a buyer who saw additional value in the property.”
The buyer was a first-time hotel investor, with prior
experience in apartment buildings. “The purchaser had been interested in the
returns generated by hotels, but had no prior experience,” adds Greenberg.
“We worked closely with him, helping the purchaser
understand all facets of hotel operations.
This empowered the purchaser to feel comfortable with the investment,
and the opportunity therein.”
 |
| Dominic Vito |
The Quality Inn - Ocala is a recently converted exterior
corridor hotel in the thriving Ocala market. The property has 152 rooms and was
converted from a Hampton Inn to a Quality Inn in December of 2012. Despite
being constructed in 1987, the Quality Inn is in great condition and sits on
approximately 3.25 acres of land directly off Interstate 75 (I-75).
Quality Inn is located at 3434 SW College Road in Ocala,
FL.
For a complete copy of the company’s news release, please
contact:
Kirk A. Felici
First Vice President
Regional Manager
Miami, FL
(786) 522-7000
No comments:
Post a Comment