New Ownership for Embassy Suites Boca Raton
BOCA RATON, Fla., Jan. 17, 2020 – 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 the Embassy Suites Boca Raton, a 263-room hotel in Boca Raton, Florida.
“The upscale property is an all-suite, full-service hotel that has been enhanced with significant renovations to guest areas and mechanical systems,” said Andrew Kern, senior managing director investments in Marcus & Millichap’s Tampa office. “The acquisition presents new ownership with value-add options that can be accomplished quickly.” Kern and David Altobello, first vice president investments in the firm’s Washington, D.C. office, represented the seller, and procured the buyer. Ryan Nee, first vice president and district manager is Marcus & Millichap’s broker of record in Florida.
Constructed in 1985 on approximately six acres, the hotel is situated at the Interstate 95/Yamato Road interchange near the new Spanish River Boulevard ramps that lead to Florida Atlantic University and Boca Raton Airport. The neighborhood surrounding the property contains restaurants, retail, fitness centers and the corporate headquarters of Office Depot Inc. and ADT Security Services, among others.
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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.