Marcus & Millichap (NYSE: MMI), a number one industrial actual property brokerage agency specializing in funding gross sales, financing, analysis and advisory companies, introduced as we speak the sale of a Marriott Courtyard and Hampton Inn portfolio totaling 261 rooms in Middletown, New York. The properties bought for a mixed buy worth of $34 million.
Andrew Kern and Jerry Swon, funding specialists in Marcus & Millichap’s Tampa and Manhattan workplaces, respectively, had the unique itemizing to market the motels on behalf of the vendor, a restricted legal responsibility firm, and procured the regionally based mostly purchaser. Located inside the Hudson Valley, Middletown is dwelling to the annual Orange County Honest, Orange County Speedway, and Legoland.
“We acquired important curiosity from consumers seeking to purchase well-maintained, stabilized hospitality property that present handy entry to most of the city’s demand turbines, together with the Galleria at Crystal Run, Legoland, and the Medical Heart,” mentioned Kern. Over the previous 60 days, Kern and Swon have collaborated on the profitable disposition of 4 motels in three separate transactions, exceeding $55 million in worth. The 4 property are the Hampton Inn Northwood in Myrtle Seashore, South Carolina, the Marriott Courtyard and Hampton Inn in Middletown, and the Vacation Inn Specific Airport in Syracuse, New York.
“We utilized completely different advertising and marketing methods to cater to the wants of our shoppers, which resulted in a profitable final result for every transaction,” mentioned Swon. “Myrtle Seashore was a direct sale, whereas the sale in Syracuse was carried out using an public sale platform with 14 registered bidders. The Middletown transactions had been the results of a standard advertising and marketing course of that generated 12 written gives.”
“By leveraging our respective groups’ relationships and expertise, we demonstrated that working collaboratively via Marcus & Millichap’s distinctive advertising and marketing and gross sales platform provides important worth to our shoppers,” concluded Kern. John Horowitz is Marcus & Millichap’s dealer of report within the state of New York and Ben Yelm is the agency’s dealer of report in South Carolina.
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