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| 184-Room Holiday Inn Resort, Wrightsville Beach, NC |
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| Robert S. Hunter |
WRIGHTSVILLE BEACH, NC – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 184-room Holiday Inn Resort located just outside Wilmington in Wrightsville Beach, North Carolina. The asset sold for $30.25 million.
“This Holiday Inn Resort drew a tremendous amount of national interest because
of its location in a high-end beach destination with an undeniably high
ceiling,” stated Robert S. Hunter, first vice president investments and
senior director of Marcus & Millichap’s Hospitality Division.
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| Christopher J. Martin |
“North Carolina is consistently recognized as one of
the fastest-growing states and Wrightsville Beach is a short drive from its
largest population centers.”
Hunter and Marcus & Millichap’s Christopher J.
Martin and David J. Altman, all based in Fort Lauderdale, along with
R. McLean Hicklin III in the firm’s Columbia, South Carolina office, had
the exclusive listing to market the property on behalf of the seller, a private
partnership.
The buyer, a limited liability company, was secured
and represented by Hunter, Hicklin III and Martin. Ben Yelm, regional
manager, assisted in closing the transaction.
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| David J. Altman, |
“New hotel supply in Wrightsville Beach faces multi-layered barriers to entry that are unmatched by other most seasonal leisure markets,” added Hunter.
“Ultimately, the premium for those barriers and the
desirability of the asset itself helped restore value to roughly 86% of
pre-COVID market value.”
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| R. McLean Hicklin III |
The hotel has over 8,000 square feet of meeting space, including a 400-person capacity ballroom, three swimming pools with two whirlpools, two restaurants, a lounge, a fitness center, a sand volleyball court, a Kid Spree Vacation Club, and a shuttle service.
CONTACT:
Ben Yelm
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