Press Releases
Marcus & Millichap Brokers the Sale of an Oceanfront Hotel in the Outer Banks
May 05, 2023
KILL DEVIL HILLS, N.C., May 5, 2023– 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 Days Inn & Suites Kill Devil Hills Mariner, an 80-room hospitality property located in North Carolina’s Outer Banks in the City of Kill Devil Hills.
“This sale was further evidence of the demand for leisure-driven hotels, particularly those directly on the sand,” said Robert S. Hunter, senior vice president investments. “The profile of the competitive buyers was wide-ranging, which we perceived as a positive reflection on the Outer Banks but also an encouraging reminder of the value oceanfront hotels have gained following the worst of the Covid-19 pandemic.”
Hunter and McLean Hicklin, investment specialists in Marcus & Millichap’s Columbia, South Carolina office, had the exclusive listing to market the property on behalf of the seller, a private, generational owner. The buyer, a Virginia-based limited liability company, was also procured by Hunter and Hicklin. Ben Yelm, Marcus & Millichap’s Broker of Record in North Carolina, assisted in closing this transaction.
Days Inn & Suites Kill Devil Hills Mariner is located at 1801 N. Virginia Dare Trail, situated near key local attractions including, Avalon Pier, Wright Brothers National Memorial, and Jockey’s Ridge State Park.
The three-story hotel was franchised at the time of sale but will likely be operated and renovated as an independent hotel in the future. Hotel amenities include a business center, outdoor pool, and complimentary breakfast.
“This sale was further evidence of the demand for leisure-driven hotels, particularly those directly on the sand,” said Robert S. Hunter, senior vice president investments. “The profile of the competitive buyers was wide-ranging, which we perceived as a positive reflection on the Outer Banks but also an encouraging reminder of the value oceanfront hotels have gained following the worst of the Covid-19 pandemic.”
Hunter and McLean Hicklin, investment specialists in Marcus & Millichap’s Columbia, South Carolina office, had the exclusive listing to market the property on behalf of the seller, a private, generational owner. The buyer, a Virginia-based limited liability company, was also procured by Hunter and Hicklin. Ben Yelm, Marcus & Millichap’s Broker of Record in North Carolina, assisted in closing this transaction.
Days Inn & Suites Kill Devil Hills Mariner is located at 1801 N. Virginia Dare Trail, situated near key local attractions including, Avalon Pier, Wright Brothers National Memorial, and Jockey’s Ridge State Park.
The three-story hotel was franchised at the time of sale but will likely be operated and renovated as an independent hotel in the future. Hotel amenities include a business center, outdoor pool, and complimentary breakfast.
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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.
