Press Releases
Marcus & Millichap Arranges the Sale of a 136-Room Hotel Portfolio
November 30, 2023
BURLINGTON, IA, November 30, 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 the 60-room Fairfield Inn & Suites and Holiday Inn Express & Suites located in Burlington, IA, according to Todd E. Lindblom, regional manager of the firm’s Minneapolis office.
Jared Plamann, Jon Ruzicka, Jake M. Erickson, and Joseph Ferguson, investment specialists in Marcus & Millichap’s Minneapolis office, worked on the sale of the property on behalf of the Seller. The Buyer was procured by the team of Ferguson/Ruzicka/Erickson/Plamann as well and fulfilled the Buyer’s 1031 exchange requirements.
The Burlington Hotel Portfolio is located on N Roosevelt Ave, Burlington, IA 52601. Per Plamann, “Both hotels sold were high performing assets having record year revenues with no end in sight in the market. Numerous demand drivers continue to aid hotel owners in the area. The new owners are focused on maintaining and improving the outstanding legacy of the previous owner.” This sale marks the 75th and 76th hotel transaction for the team of Ruzicka, Erickson, Plamann and Ferguson out of Marcus & Millichap’s Minneapolis office and the 16th thus far in 2023.
Jared Plamann, Jon Ruzicka, Jake M. Erickson, and Joseph Ferguson, investment specialists in Marcus & Millichap’s Minneapolis office, worked on the sale of the property on behalf of the Seller. The Buyer was procured by the team of Ferguson/Ruzicka/Erickson/Plamann as well and fulfilled the Buyer’s 1031 exchange requirements.
The Burlington Hotel Portfolio is located on N Roosevelt Ave, Burlington, IA 52601. Per Plamann, “Both hotels sold were high performing assets having record year revenues with no end in sight in the market. Numerous demand drivers continue to aid hotel owners in the area. The new owners are focused on maintaining and improving the outstanding legacy of the previous owner.” This sale marks the 75th and 76th hotel transaction for the team of Ruzicka, Erickson, Plamann and Ferguson out of Marcus & Millichap’s Minneapolis office and the 16th thus far in 2023.
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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.
