Hotel Business Magazine, hotelbusiness.com | The Newspaper For Lodging Decision Makers

Marcus & Millichap Closes 13 Transactions To Start 2013

Thursday March 21st, 2013 - 11:45AM

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.