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| Gabriel Shamay |
Jacksonville,
Fla., July 18, 2018 – 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 Hawthorn
Suites by Wyndham, a 116-room hospitality property located in Jacksonville,
according to Ryan Nee, vice president / regional manager of the firm’s
Fort Lauderdale office.
The asset sold for $5,000,000.
"The hotel is a former Homewood Suites by
Hilton and is an all-suite hotel," says Gabriel Shamay, associate,
in Marcus & Millichap’s Fort Lauderdale office.
"Due to its unique layout and its
high-barriers-to-entry location, we were successful in generating 19 written
offers from both local and out-of-area investors and eventually closing the
hotel within two percent of our list-price.
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| David M. Greenberg |
"The sale of this hotel is a testament to
the desirability of the Jacksonville hotel market and the state of Florida as a
whole."
Shamay, David M. Greenberg, senior
managing director investments, Robert S. Hunter, first vice president
investments, David J. Altman, senior associate, all located in Marcus
& Millichap’s Fort Lauderdale office, had the exclusive listing to market
the property on behalf of the seller, a limited liability company, and
represent the buyer, a private investor.
“Based on the layout of the property, we
generated interest and offers from hotel, corporate housing, multifamily and
senior living buyers, and ultimately this hotel was acquired by an experienced
value-add hotel investor.
"We expect that through a hands-on management
program, the buyer will successfully execute a business plan, including
renovating the hotel, that will make this a very profitable hotel investment,”
says Greenberg.
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| David J. Altman |
Hawthorn Suites by Wyndham is located at 8737
Baymeadows Road in Jacksonville, FL.
The hotel is located just off
Interstate 95 and minutes from many of the city’s major points of interest
including Florida State College-Jacksonville and downtown Jacksonville.
For more information, please contact:
Stephanie Carten
Stephanie.Carten@marcusmillichap.com
Ryan Nee
Vice President / Regional Manager
Fort Lauderdale
(954) 245-3400
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