Five-Property Hospitality Portfolio Sold by Marcus & Millichap
AUSTIN, Texas, Nov. 25, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a five-property hotel portfolio in Texas and Oklahoma. The properties sold for a total of $36,185,000.
“The purchase highlights the buyer’s extended-stay hotel acquisition strategy and places new ownership in position to capitalize on future demand for this type of asset in these markets,” said Allan Miller, senior vice president investments in Marcus & Millichap’s Austin office. Miller and Chris Gomes, senior managing director investments in the firm’s Dallas office, are the principals of the Miller-Gomes Hotel Team of Marcus & Millichap. Miller and Gomes represented the seller, KJ Properties LLC and procured the buyer, a private, Texas-based real estate and investment firm. The properties are:
- Candlewood Suites Midland, 113 rooms in Midland, Texas
- Candlewood Suites Lawton, 113 rooms in Lawton, Oklahoma
- Candlewood Suites McAlester, 89 rooms in McAlester, Oklahoma
- Candlewood Suites Bartlesville East, 89 rooms in Bartlesville, Oklahoma
- Candlewood Suites San Antonio, 113 rooms in San Antonio, Texas
“Stable occupancy, positive average daily rate and revenue per available room growth are sustaining investor demand for hotels in the Central Midwest,” added Gomes. “Spanning the past two years ending in June, occupancy in the region hovered just below 58 percent, enabling average daily rate and revenue per available room to reach record highs of $90.62 and $52.76, respectively.”
Matthew Omansky, associate in Austin, assisted in the sale of the Candlewood Suites San Antonio. Mark McCoy, regional manager of Marcus & Millichap’s Fort Worth office is the firm’s broker of record in Oklahoma.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.