Tuesday, August 26, 2014

Marcus & Millichap Brokers Two-Hotel Portfolio Sale in North Texas


Chris Gomes

DENTON, TX, Aug. 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 two hospitality properties in Denton, Texas.

They are the 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites.

            Chris Gomes, vice president investments in Marcus & Millichap’s Dallas office, and Allan Miller, vice president investments in the firm’s San Antonio office, represented the seller, a Dallas-based company. The buyer is private high net-worth individual also based in Dallas.

            “The hotel market in Denton, and in the Dallas/Fort Worth Metroplex in general, have been experiencing tremendous growth in revenue per available room,” says Gomes. “Both of these assets have demonstrated increased revenue trends.”

Allan Miller
            The La Quinta Inn & Suites is located at 4465 Interstate 35. It is accessible from Interstate 35 and University Drive/U.S. Highway 380. Built in 2010, the four-story, interior corridor hotel features a mix of single- and double-bed rooms, a breakfast area, an indoor swimming pool with hot tub, two guest elevators and an exercise room.

            Built in 2010 at 4485 North Interstate 35, the Holiday Inn Express & Suites is an interior corridor mid-scale hotel with visibility and accessibility along Interstate 35.

The University of North Texas and Texas Woman’s University are nearby, as are a Federal Emergency Management Agency office and businesses such as Peterbilt, Sally Beauty Supply, Acme Brick Co., Tetra Pak and Fastenal.
  

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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