Marcus & Millichap Sells WI GrandStay for $4.4M
Thursday April 17th, 2014 - 10:16AM FH
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APPLETON, WI—Marcus & Millichap Real Estate Investment Services sold the 80-room GrandStay Hotel & Suites here.
According to Gregory A. LaBerge, national director of the firm’s National Hospitality Group, the asset sold for $4,425,000, or more than $55,000 per room.
“This transaction really highlights the continued movement of investment capital into non-core markets, particularly from investors located in core markets," stated LaBerge.
Scott D. Brash, a senior director in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. Matthew Fitzgerald assisted in closing this transaction.
The seller built the hotel in 2007 as a Wyndham Garden Inn and then converted to GrandStay Suites in 2010.
The property features large guestrooms with several alternative floor plans, including fireplaces, spa tubs and luxury beds. Amenities include a fitness center, lobby bar, wellness pool, shuttle service and business center. It is located at 300 Mall Drive, south of the Fox River Mall and west of the interchange of U.S. Highway 41 which encircles the city and connects Appleton with Green Bay to the north, as well as Fond du Lac, Oshkosh and Milwaukee to the south.
Tags: Marcus & Millichap • GrandStay Hotel & Suites • Appleton • WI • Hospitality • Brokers • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.