Press Releases
DDM Hotel Group of Marcus & Millichap Sells Augusta Ramada
November 08, 2023
AUGUSTA, Ga., November 8, 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 Ramada Augusta Fort Gordon, a 148-room hotel located in Augusta, Georgia. The property sold for an undisclosed price.
Jack Davis, Chase Dewese, Joe Simpson and Joce Messinger, investment advisors with the DDM Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, T.R. Management Corporation. The buyer in the transaction was Pace Living.
“This is an interesting transaction, as the buyer is a multifamily group who intends to convert the hotel into apartments,” says Davis.
Ramada Augusta Fort Gordon is located at 2155 Gordon Highway in Augusta. Built in 1986 on 6.13 acres, it is positioned conveniently off Interstate 520, only three miles away from Fort Gordon and eight miles away from Augusta National Golf Club. The property will undergo renovation as part of the conversion process.
Jack Davis, Chase Dewese, Joe Simpson and Joce Messinger, investment advisors with the DDM Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, T.R. Management Corporation. The buyer in the transaction was Pace Living.
“This is an interesting transaction, as the buyer is a multifamily group who intends to convert the hotel into apartments,” says Davis.
Ramada Augusta Fort Gordon is located at 2155 Gordon Highway in Augusta. Built in 1986 on 6.13 acres, it is positioned conveniently off Interstate 520, only three miles away from Fort Gordon and eight miles away from Augusta National Golf Club. The property will undergo renovation as part of the conversion process.
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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.
