Marcus & Millichap Arranges Sale of Vacant 200-Room Hospitality Property in Kissimmee, FL

J. Dominic Vito

KISSIMMEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a vacant, 200-room hospitality property located in Kissimmee, Fla.

The former Econo Lodge sold for $1,000,000.

Ahmed Kabani, a senior associate in Marcus & Millichap’s Miami office, and J. Dominic Vito, an associate in Marcus & Millichap’s Washington D.C. office, represented the seller, a limited liability company from Jacksonville, Fla and the buyer, a limited liability company from Fort Lauderdale, Fla.

“The property’s location with access to the turnpike made this investment opportunity particularly attractive,” says Kabani.

Ahmed Kabani

 “We received interest in the property from a variety of investors including: condominium operators, hoteliers, retail strip center developers and senior living developers.”

 “The buyer plans to redevelop the vacant property into a senior living facility.  This transaction is a testament to Marcus & Millichap’s ability to move capital across product types,” adds Vito.

The vacant, 200-room, interior corridor hotel is located at 2323 E Irlo Bronson Memorial Highway at the entrance to Florida's Turnpike in Kissimmee, 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