Saturday, August 15, 2015

Marcus & Millichap Brokers Sale of 96-Room Courtyard by Marriott in Memphis, TN


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.

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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