Marcus & Millichap Arranges the Sale of a 45-Room Best Western in Angleton/Houston
ANGLETON, TEXAS, Sept. 16, 2014– 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 Best Western Angleton/Houston, a 45-room hospitality property located at 1809 North Velasco Street in Angleton, Texas, according to David H. Luther, vice president/regional manager of Marcus & Millichap’s Houston office. The asset had a list price of $3,250,000.
Theo Gaitanaros, an associate, Michael Yu and Rahul Bijlani, vice president investments, and Eric Guerrero, a senior associate in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Due to the strong in-place cash flow and growing room revenue trend, the property generated a significant amount of interest from both in-state and out-of-state buyers. The group quickly received three written offers and the property went under contract and closed at over 98 percent of the list price. The buyer, a private investor based out of Texas, was also secured and represented by Yu, Bijlani and Gaitanaros. “The Best Western had a very strong location in Angleton and had recently been extensively renovated by the seller, making this a turn-key investment for the buyer in a strong oil/gas Houston submarket”, says Guerrero.
The Yu/Bijlani Hospitality group at Marcus & Millichap Houston is very active in Texas and Louisiana with 29 hospitality closings in the last 12 months, 10 transactions currently under contract and 32 exclusive hospitality listings.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com