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| Best Western Savannah Gateway Hotel, 1 Gateway Boulevard East, Savannah, GA |
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| David M. Greenberg |
SAVANNAH, GA – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Best Western Savannah Gateway, a 120-room hotel with an attached
24-hour Denny’s restaurant, located in Savannah, GA. The asset sold for
$3,750,000.
“This was an excellent opportunity to
acquire a value-add hotel with strong brand recognition. The seller bought the
property in mid-2014 and made more than $150,000 in property improvements,”
says David M. Greenberg, a first
vice president investments in Marcus & Millichap’s Fort Lauderdale office.
“The additional source of income from the restaurant also made this deal
especially attractive.”
Greenberg along with Robert S. Hunter, a senior associate,
and David Altman and McLean Hicklin, associates, all in
Marcus & Millichap’s Fort Lauderdale office, represented both the seller
and buyer in the transaction. Michael Fasano, Broker, assisted in
closing this transaction.
“We leveraged our national
brand and platform to reach buyers across the country which generated immediate
interest from investors and ultimately closed with a buyer from California. The
property sold for $1.2 million more than its previous 2014 sales price,” adds
Hunter.
Located at 1 Gateway
Boulevard East, the pet-friendly hotel is near The Historic District of
Savannah, the Mighty 8th Air Force Museum, Fort Stewart, Tybee Island and more.
It has prime visibility from Interstate 95 and Georgia State Route 204.
.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager
Fort Lauderdale, FL
(954) 245-3400
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