Press Releases
Marcus & Millichap Trades Holiday Inn Express & Suites via Auction in Louisiana
February 07, 2024
RACELAND, La., Feb. 7, 2024 – 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 a Holiday Inn Express & Suites in Raceland, Louisiana. The property sold for $4,620,000.
“The success of this auction through RealINSIGHT Marketplace demonstrates the attractiveness of the real estate market,” said David Altman, first vice president of investments. “We generated significant interest in this property, resulting in 10 active bidders, a testament to the property's appeal and the effectiveness of our marketing strategies.”
Altman, a hotel specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, C and K Hotel Development, LLC. Altman collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset and secured the buyer. Steve Greer, Broker of Record in Louisiana, assisted in closing the transaction.
Situated at 4716 Highway 1, just off US-90, this three-story, 75-room hotel offers amenities such as complimentary breakfast, a fitness center, and an outdoor pool.
This auction is the second in 45 days for Altman, Sklaver, and Kates. They recently sold an eight-story, 175-room Best Western in New Orleans, spanning 122,590 square feet at 10100 I-10 Service Road just off Interstate-10, for $3,150,000.
“The completion of two hotel transactions within two months, including the recent sale of the Best Western New Orleans, echoes the continued vigor in the hotel transaction space. Investors are actively seeking opportunities, and our recent successes confirm the strong demand,” added Altman.
“The success of this auction through RealINSIGHT Marketplace demonstrates the attractiveness of the real estate market,” said David Altman, first vice president of investments. “We generated significant interest in this property, resulting in 10 active bidders, a testament to the property's appeal and the effectiveness of our marketing strategies.”
Altman, a hotel specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, C and K Hotel Development, LLC. Altman collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market the asset and secured the buyer. Steve Greer, Broker of Record in Louisiana, assisted in closing the transaction.
Situated at 4716 Highway 1, just off US-90, this three-story, 75-room hotel offers amenities such as complimentary breakfast, a fitness center, and an outdoor pool.
This auction is the second in 45 days for Altman, Sklaver, and Kates. They recently sold an eight-story, 175-room Best Western in New Orleans, spanning 122,590 square feet at 10100 I-10 Service Road just off Interstate-10, for $3,150,000.
“The completion of two hotel transactions within two months, including the recent sale of the Best Western New Orleans, echoes the continued vigor in the hotel transaction space. Investors are actively seeking opportunities, and our recent successes confirm the strong demand,” added Altman.
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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.
