Marcus & Millichap Closes 13 Transactions To Start 2013
Thursday March 21st, 2013 - 11:45AM W
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CHICAGO—Marcus & Millichap Real Estate Investment Services closed 13 transactions in January and February totaling more than $49 million, according to Gregory LaBerge, national director of the firm's National Hospitality Group.
"In early 2013, we are seeing a continuation from 2012 of the tremendous enthusiasm and investor demand for the hotel sector today, and importantly, moving forward in the foreseeable future," he said.
Significant transactions for the firm's include the $9.4 million sale of an 82-room Candlewood Suites in Victoria, TX, built in 2009, and an 85-room new construction Best Western in Spring, TX, that closed at $91,000 per key.
Tags: • Hospitality •
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.