Marcus & Millichap (NYSE: MMI), a main business actual property brokerage agency specializing in funding gross sales, financing, analysis and advisory companies, introduced at present the sale of a Marriott Courtyard and Hampton Inn portfolio totaling 261 rooms in Middletown, New York. The properties bought for a mixed buy value of $34 million.
Andrew Kern and Jerry Swon, funding specialists in Marcus & Millichap’s Tampa and Manhattan places of work, respectively, had the unique itemizing to market the lodges on behalf of the vendor, a restricted legal responsibility firm, and procured the regionally based mostly purchaser. Situated inside the Hudson Valley, Middletown is house to the annual Orange County Fair, Orange County Speedway, and Legoland.
“We acquired important curiosity from patrons trying to purchase well-maintained, stabilized hospitality property that present handy entry to many of the city’s demand turbines, together with the Galleria at Crystal Run, Legoland, and the Medical Center,” mentioned Kern. Over the previous 60 days, Kern and Swon have collaborated on the profitable disposition of 4 lodges in three separate transactions, exceeding $55 million in worth. The 4 property are the Hampton Inn Northwood in Myrtle Beach, South Carolina, the Marriott Courtyard and Hampton Inn in Middletown, and the Holiday Inn Express Airport in Syracuse, New York.
“We utilized totally different advertising methods to cater to the wants of our purchasers, which resulted in a profitable final result for every transaction,” mentioned Swon. “Myrtle Beach was a direct sale, whereas the sale in Syracuse was carried out using an public sale platform with 14 registered bidders. The Middletown transactions have been the consequence of a conventional advertising course of that generated 12 written affords.”
“By leveraging our respective groups’ relationships and abilities, we demonstrated that working collaboratively by way of Marcus & Millichap’s distinctive advertising and gross sales platform provides important worth to our purchasers,” concluded Kern. John Horowitz is Marcus & Millichap’s dealer of report in the state of New York and Ben Yelm is the agency’s dealer of report in South Carolina.
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