Marcus & Millichap Arranges Sale Of 89-Room Hospitality Property
WOODWARD, OK, July 12, 2021 – 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 Holiday Inn Express & Suites Woodward, an 89-room hospitality property located at 3333 Williams Avenue in Woodward, Oklahoma, according to Bruce E. Bentley III, regional manager of the firm’s Austin office.
Matt Omansky, Allan Miller and Chris Gomes, investment specialists in Marcus & Millichap’s Austin and Dallas offices in conjunction with Mark McCoy, Oklahoma broker of record, had the exclusive listing to market the property on behalf of the seller, Rialto Capital. The buyer, a private investor, was also secured by Mr. Omansky, Mr. Miller and Mr. Gomes.
Despite the lower revenues in 2020 due to COVID-19 and the hotel being controlled by the bank, there were multiple buyers who saw value in the recovery trend displayed by the property throughout the first quarter of 2021. Revenues continue to climb in the market which relies on energy, iodine extraction, and agriculture businesses.
Constructed in 2006, Holiday Inn Express & Suites Woodward boasts a unique unit mix of both regular and extended-stay units. The hotel also contains amenities such as an indoor heated pool and whirlpool, fitness center and business center.
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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.