Marcus & Millichap Closes Sale of 116-Room Hospitality Property
COLLEGE STATION, Texas, July 6, 2015– 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 Manor Inn College Station Aggieland, a 116 room hospitality property located in College Station, according to David H. Luther, first vice president/regional manager of Marcus & Millichap’s Houston office. The asset had a list price of $6,000,000.
Rahul Bijlani, a vice president investments, Eric Guerrero, a senior associate and Michael Yu, a first vice president investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and sourced by Yu, Bijlani, Agrama Mannapperuma, an associate and Tyler Bean, a senior associate in Marcus & Millichap’s Houston office. According to Michael Yu, even though this is an older independent property, they generated and secured multiple offers within just a few weeks. He mentioned that a lender was secured within a short period of time as well, even though the Buyer was inexperienced.
Manor Inn College Station Aggieland is located at 2504 Texas Avenue South in College Station.
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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
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