Press Releases
Marcus & Millichap Arranges Sale of Harbor Town Inn & Suites in Manitowoc, Wisconsin
August 26, 2024
MANITOWOC, Wis., August 26, 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 Harbor Town Inn & Suites, an 80-room hotel property located in Manitowoc, Wisconsin. The property sold for $3.4 million.
“We were able to achieve a sale price extremely close to the list without formally going to market,” said Jared Plamann, senior associate. “This is a legacy property that rarely becomes available. It had been in the family for 34 years, which made it even more special to work with the seller and see the property continue with a local, respectable buyer. There continues to be significant demand for hotels, particularly independent assets where incoming owners may see potential for brand conversions.”
Plamann and Jake Erickson, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Harbor Town Inn & Suites, located at 4004 Calumet Avenue, is an 80-room, independently operated hotel. Built in 1978 and recently renovated, the hotel features amenities such as a business center, game room, on-site laundry and outdoor patio. The property is situated just off Highway 43 near Lake Michigan, with nearby retailers including Walmart, Aldi and Starbucks.
“We were able to achieve a sale price extremely close to the list without formally going to market,” said Jared Plamann, senior associate. “This is a legacy property that rarely becomes available. It had been in the family for 34 years, which made it even more special to work with the seller and see the property continue with a local, respectable buyer. There continues to be significant demand for hotels, particularly independent assets where incoming owners may see potential for brand conversions.”
Plamann and Jake Erickson, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Harbor Town Inn & Suites, located at 4004 Calumet Avenue, is an 80-room, independently operated hotel. Built in 1978 and recently renovated, the hotel features amenities such as a business center, game room, on-site laundry and outdoor patio. The property is situated just off Highway 43 near Lake Michigan, with nearby retailers including Walmart, Aldi and Starbucks.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
