Press Releases
Marcus & Millichap Negotiates Two-Property Marriott Portfolio Sale in Utah
January 23, 2024
OREM, Utah, Jan. 23, 2024– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a two-property Marriott portfolio in Orem, Utah. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 units.
Marcus & Millichap had the exclusive listing and Adam Lewis, the firm’s Utah broker of record, assisted in closing the transaction. The buyer, a limited liability company, pursued the acquisition because of the hotels’ prime location close to Bringham Young University in Provo and near the Orem business district. New ownership intends to upgrade the hotels pursuant to a Marriott-brand standard improvement plan in order to maintain their competitive edge in the market.
TownePlace Suites Provo Orem is a 100-unit, four-story hospitality property and Fairfield Inn & Suites Provo Orem is a 90-room four-story hotel. Both are located adjacent to each other at 879 and 901 North 1200 West.
Marcus & Millichap had the exclusive listing and Adam Lewis, the firm’s Utah broker of record, assisted in closing the transaction. The buyer, a limited liability company, pursued the acquisition because of the hotels’ prime location close to Bringham Young University in Provo and near the Orem business district. New ownership intends to upgrade the hotels pursuant to a Marriott-brand standard improvement plan in order to maintain their competitive edge in the market.
TownePlace Suites Provo Orem is a 100-unit, four-story hospitality property and Fairfield Inn & Suites Provo Orem is a 90-room four-story hotel. Both are located adjacent to each other at 879 and 901 North 1200 West.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
