Press Releases
Marcus & Millichap Arranges $4.6M Sale of CobbleStone Hotel & Suites in North Dakota
January 13, 2025
DEVILS LAKE, N.D., Jan. 13, 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 65-room CobbleStone Hotel & Suites in Devils Lake, North Dakota. The property sold for $4.6 million.
“This transaction highlights the strong demand for hospitality assets in regional markets like Devils Lake, driven by consistent performance and year-round demand generators,” said Joseph Ferguson, senior associate. “We’re proud to have facilitated this sale, leveraging our extensive buyer network and deep market expertise to achieve exceptional results for our repeat client.”
Ferguson, Jon Ruzicka, Jake Erickson and Jared Plamann, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Lake Region Hotel Group LLC. Ferguson and Ruzicka procured the buyer, DLC Hospitality LLC.
Cobblestone Hotel & Suites Devils Lake is located on 3.45 acres at 1801 U.S. Highway 2. Built in 2016, the 36,553-square-foot hotel offers modern accommodations, including a bar and indoor pool. The property draws significant traffic as Devils Lake serves as a hub for outdoor activities, including North Dakota’s largest fishing attraction.
“This transaction highlights the strong demand for hospitality assets in regional markets like Devils Lake, driven by consistent performance and year-round demand generators,” said Joseph Ferguson, senior associate. “We’re proud to have facilitated this sale, leveraging our extensive buyer network and deep market expertise to achieve exceptional results for our repeat client.”
Ferguson, Jon Ruzicka, Jake Erickson and Jared Plamann, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Lake Region Hotel Group LLC. Ferguson and Ruzicka procured the buyer, DLC Hospitality LLC.
Cobblestone Hotel & Suites Devils Lake is located on 3.45 acres at 1801 U.S. Highway 2. Built in 2016, the 36,553-square-foot hotel offers modern accommodations, including a bar and indoor pool. The property draws significant traffic as Devils Lake serves as a hub for outdoor activities, including North Dakota’s largest fishing attraction.
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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.
