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| Anne Williams |
MEMPHIS, TN – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, announced the sale
of the 96-room Courtyard by Marriott,
located in Memphis, Tenn., according to Richard D. Matricaria, regional manager
of the firm’s Tampa office.
Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group, and Dennis Hopper, associate, both in
Marcus & Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor. Anne
Williams and Matthew Fitzgerald,
brokers, assisted in this transaction.
"The seller acquired
the hotel in 2012, and shortly thereafter completed a $2.275MM renovation, which
ultimately allowed the hotel to increase its market share.
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| Jonathan Ruprai |
“ This repositioning, coupled with the
tremendous optimism in the investment markets, allowed the seller to
benefit. At the same time, there is
significant value upside remaining for the buyer as they look to continue to
build upon the repositioning efforts and increased share in the Memphis
market," says Ruprai.
With an industry leading
hospitality team in more than 40 markets nationally, this marks the 101st hotel
sold by Marcus & Millichap’s National Hospitality Group in 2015.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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