Tuesday January 7th, 2014 - 3:51PM
BRYAN, TX—Marcus & Millichap Real Estate Investment Services has arranged the sale of a 100-room Best Western Premier hotel located here. The terms of the sale were not disclosed.
“This transaction highlights Marcus & Millichap’s unique ability to source opportunistic cross-product capital, work collaboratively within our national hotel team and with specialists in other product types and arrange financing to meet the needs of our clients,” stated Gregory LaBerge, national director of Marcus & Millichap’s National Hospitality Group. “The new owner of this hotel is a retail property investment firm in a 1031 exchange that ventured into the hospitality sector for the first time.”
Marty Cohan, a vice president, investments and Douglas Cole, an associate, both in Marcus & Millichap’s West Los Angeles office, represented the buyer, a private investment firm based in Hermosa Beach, CA.
“Our client asked us if it would be possible to sell their downleg property for them and find an upleg that was easier to manage: one that would produce a sustainable and substantial cash flow and that was in a growing and prosperous market area,” stated Cohan. “We fulfilled all of these objectives by arranging the sale of the downleg property, a retail center that hadn’t changed hands in 45 years, and worked with the firm’s hotel specialists to bring in the Best Western Premier to complete the exchange.”
David Greenberg, a vice president, investments in Marcus & Millichap’s Fort Lauderdale office, along with Alan Miller, an associate vice president, investments in the firm’s San Antonio office and Chris Gomes, a senior associate in Dallas, represented the seller, a private Texas-based investment group.
The Best Western Premier hotel is located three miles northeast of Texas A&M University. The location is within the Bryan-College Station metropolitan statistical area in Brazos Valley, which is also known as “Research Valley” and “The Innovation Capital of Texas.”
Oldham Goodwin Group will continue to manage the hotel.