MARCUS & MILLICHAP ARRANGES THE SALE OF A 71-ROOM AUSTIN AIRPORT HOTEL
AUSTIN, TEXAS, January 24, 2017 – 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 Microtel Inn & Suites Austin Airport, a 71-room hospitality property located at 7705 Metro Center Drive in Austin, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
Allan Miller and Chris Gomes, principals of the Miller-Gomes Team and top performers in Marcus & Millichap National Hospitality Group, procured the buyer and closed the transaction.
“This sale represents our fourth transaction in Austin over the past 12 months. The city has seen influx of new hotel rooms, but we cannot keep up with investor demand for Austin MSA hotel assets,” says Mr. Miller, first vice president investments in Marcus & Millichap’s San Antonio office.
This sale represents the 42nd hotel transaction the Miller-Gomes Team has closed in the last 12 months. The team currently have 12 hotels in escrow and 37 listings spread across the country.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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