Property

Marcus & Millichap Brokers 9-Property Hospitality Portfolio Sale for $225 Million

ENCINO, Calif.–(BUSINESS WIRE)–Marcus & Millichap (NYSE: MMI), a number one industrial actual property brokerage agency specializing in funding gross sales, financing, analysis, and advisory companies, introduced the sale of 9 hospitality properties throughout eight states, amassing 1,550,000 sq. toes with a complete worth of roughly $225 million.

“With many hospitality properties struggling because of the pandemic, our shopper, Lockwood Improvement Companions, plans to repurpose these properties and create multi-dimensional property that may assist stimulate the financial system and supply important sources and alternatives to the veteran and senior communities,” mentioned Eddy Nevarez, affiliate director of Marcus & Millichap’s Nationwide Hospitality Division and the unique agent for the customer.

The repurposed, multifaceted property will function a rebranded, eco-friendly, and sustainable resort operation, reasonably priced multifamily housing and “ghost kitchens,” the place native distributors associate with Uber Eats to do enterprise with out the maintenance prices of a brick-and-mortar restaurant. Along side the Veteran Affairs’ Mission Act, the properties may even function a useful resource for veterans to obtain everlasting housing, bodily and psychological help, and different help applications via SarahCare, a company devoted to offering sources for seniors.

“With nearly all of the property positioned in numerous, metropolitan cities comparable to Austin, Houston, Memphis and Orlando, the properties’ versatility and accessibility will encourage financial progress and alternatives,” added Nevarez. “These unprecedented occasions have challenged the creativity and proactiveness of our shopper, however this enterprise gives reduction to that phase of the hospitality business that has been decimated by the pandemic. Part considered one of Lockwood Improvement Companions’ progressive resort repurposing initiative serves as a benchmark for future large-scale portfolios, serving as a lifeline by changing struggling hospitality properties into multi-faceted property that present alternatives and sources for veterans in addition to the group.”

The properties are:

  • Crowne Plaza, Memphis, Tennessee, 319 rooms
  • Crowne Plaza, Austin, Texas, 293 rooms
  • Clarion Lodge, Orlando Worldwide Airport, 335 rooms
  • Crowne Plaza, Houston, Texas, 243 rooms
  • Crowne Plaza, Dayton, Ohio, 283 rooms
  • Crowne Plaza, Studying, Pennsylvania, 259 rooms
  • Backyard Plaza, Marietta, Georgia, 218 rooms
  • Former Marriott, Jackson, Mississippi, 303 rooms
  • Crowne Plaza, Tulsa, Oklahoma, 286 rooms

Marcus & Millichap’s brokers of document in Florida, Georgia, Mississippi, Ohio, Oklahoma, Pennsylvania, Tennessee, and Texas are, respectively, Ryan Nee, John Leonard, Mickey Davis, Michael Glass, Mark McCoy, Sean Beuche, Jody McKibben, and Timothy Speck.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 funding gross sales and financing professionals positioned all through the US and Canada, Marcus & Millichap is a number one specialist in industrial actual property funding gross sales, financing, analysis and advisory companies. Based in 1971, the agency closed 8,954 transactions in 2020 with a price of roughly $43 billion. Marcus & Millichap has perfected a robust system for advertising and marketing properties that mixes funding specialization, native market experience, the business’s most complete analysis, state-of-the-art expertise, and relationships with the biggest pool of certified traders. To be taught extra, please go to: www.MarcusMillichap.com.

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