Press Releases
Marcus & Millichap Arranges $11.2 Million Sale of 74-Room Fairfield Inn & Suites by Marriott Near Emerald Coast Beaches
January 30, 2025
FORT WALTON BEACH, Fla., Jan 30, 2025 – 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 Fairfield Inn & Suites by Marriott, a 74-room hotel in Fort Walton Beach, Florida, for $11.2 million.
“This transaction underscores the continued investor interest in Florida’s hospitality sector, particularly in markets like Fort Walton Beach and the Florida Panhandle that benefit from high per diem rates and strong military-driven demand,” said David Altman, first vice president investments at Marcus & Millichap’s Fort Lauderdale office. “We were able to successfully market the hotel following its recent brand conversion, attracting an out-of-state buyer looking to enter Florida due to its business-friendly environment. The long-term Marriott license and proximity to Hurlburt Field and Eglin Air Force Base made this an attractive asset, and we anticipate continued investor appetite in similar markets.”
Altman exclusively represented the seller, OHS Hotels, a local hotel management company. Curt Allen of Colliers International represented the buyer, KKFL LLC, a California-based private investor group making its first hospitality acquisition in Florida. As part of the acquisition, KKFL LLC has engaged ARK Hospitality for third-party management services.
The hotel, located at 522 Mary Esther Cut Off NW, is positioned in a highly sought-after market due to its proximity to Hurlburt Field (five minutes) and Eglin Air Force Base (15 minutes), which contributes to consistently strong hotel demand. The Fort Walton Beach area also benefits from some of the highest per diem lodging rates in the country, according to the General Services Administration (GSA), making it particularly attractive for hotel investors.
The Fairfield Inn & Suites recently completed a brand conversion from a Holiday Inn Express to a Fairfield Inn & Suites by Marriott and features a 20-year license agreement with Marriott. The property’s amenities include a fitness center, outdoor swimming pool, business center and complimentary breakfast, catering to both leisure and business travelers.
“This transaction underscores the continued investor interest in Florida’s hospitality sector, particularly in markets like Fort Walton Beach and the Florida Panhandle that benefit from high per diem rates and strong military-driven demand,” said David Altman, first vice president investments at Marcus & Millichap’s Fort Lauderdale office. “We were able to successfully market the hotel following its recent brand conversion, attracting an out-of-state buyer looking to enter Florida due to its business-friendly environment. The long-term Marriott license and proximity to Hurlburt Field and Eglin Air Force Base made this an attractive asset, and we anticipate continued investor appetite in similar markets.”
Altman exclusively represented the seller, OHS Hotels, a local hotel management company. Curt Allen of Colliers International represented the buyer, KKFL LLC, a California-based private investor group making its first hospitality acquisition in Florida. As part of the acquisition, KKFL LLC has engaged ARK Hospitality for third-party management services.
The hotel, located at 522 Mary Esther Cut Off NW, is positioned in a highly sought-after market due to its proximity to Hurlburt Field (five minutes) and Eglin Air Force Base (15 minutes), which contributes to consistently strong hotel demand. The Fort Walton Beach area also benefits from some of the highest per diem lodging rates in the country, according to the General Services Administration (GSA), making it particularly attractive for hotel investors.
The Fairfield Inn & Suites recently completed a brand conversion from a Holiday Inn Express to a Fairfield Inn & Suites by Marriott and features a 20-year license agreement with Marriott. The property’s amenities include a fitness center, outdoor swimming pool, business center and complimentary breakfast, catering to both leisure and business travelers.
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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.
