Two Holiday Inn Express & Suites Branded Hotels Sell in Alabama for $13.5 Million
“The Northeast Alabama hospitality industry, including Gadsden and Fort Payne, showed as much resiliency through the COVID-19 pandemic as any market we have analyzed that wasn’t primarily leisure-driven. The strength of the market contributed directly to this transaction,” said Robert Hunter, first vice president investments.
Hunter, David Altman, and McLean Hicklin had the exclusive listing to market both properties on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company based in Georgia.
The Holiday Inn Express & Suites Fort Payne is located at 112 Airport Rd. W, near numerous dining, retail, and lodging amenities, including Cracker Barrel, Old Mexico Cantina & Grille, and Walmart Supercenter. The Holiday Inn & Suites Gadsden West Near Attalla is located at 106 Walker Street, directly off exit 181 on Interstate 59 (I-59) and U.S. Highway 11 (Hwy 77). The majority of the PIP (property improvement plan) renovations had been completed prior to the sale of both three-story, interior corridor properties.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.