August 8, 2022

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Marcus & Millichap Proclaims $9.9 Million Sale of New Port Richey Lodge

NEW PORT RICHEY, Fla., July 7,2022 – Marcus & Millichap (NYSE: MMI), a number one business actual property brokerage agency specializing in funding gross sales, financing, analysis and advisory companies, introduced in the present day the sale of a 150-unit High quality Inn & Suites situated in New Port Richey, Florida. The asset bought for $9.9 million or $66,000 per room.

“This High quality Inn & Suites was available on the market for lower than every week and bought for 99 p.c of the asking worth, reflecting the energy of this asset,” says Jack Davis, first vice chairman investments.

Davis, along with Joce Messinger, Josh Williams, Joe Simpson and Eric Webster, the entire agency’s Charleston workplace, had the unique itemizing to market the property on behalf of the vendor, HDG Accommodations. The staff additionally secured the in-state purchaser, Kevish Patel. Ryan Nee, Florida dealer of document, assisted in closing the transaction.

The asset is situated at 5316 US-19 in New Port Richey, Florida, lower than an hour drive away from Tampa Worldwide Airport, St. Petersburg-Clearwater Airport and the College of South Florida. The lodge was constructed in 1986 and affords over 5,500 sq. ft of assembly area along with its 150 visitor rooms.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a number one brokerage agency specializing in business actual property funding gross sales, financing, analysis and advisory companies with places of work all through america and Canada. As of December 31, 2021, the corporate had 1,994 funding gross sales and financing professionals in 82 places of work who present funding brokerage and financing companies to sellers and consumers of economic actual property. The corporate additionally affords market analysis, consulting and advisory companies to shoppers. Marcus & Millichap closed 13,255 transactions in 2021, with a gross sales quantity of roughly $84.4 billion. For extra info, please go to www.MarcusMillichap.com.

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