Press Releases
Marcus & Millichap Closes Hospitality Asset Sale in Billings Montana
August 01, 2025
BILLINGS, Mont., July 31, 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 Courtyard Billings, a 137-room leisure and business hotel in Billings, Montana.
“Given the current landscape, this sale represents a significant outlier — and a positive one,” said Skyler Cooper, senior managing director investments. “The Montana hospitality market, and Billings specifically, have seen limited transaction activity over the past 18 months, largely due to elevated interest rates and tightening buyer underwriting standards. This successful closing of a premium-branded, newly constructed asset in a secondary market showcases continued investor appetite for institutional-quality product when priced correctly. It also reflects growing confidence in Montana’s long-term fundamentals, where tourism, healthcare, and energy remain durable demand drivers.” Cooper, Chris Gomes, and Allan Miller of Marcus & Millichap, in association with Adam Christofferson, Marcus & Millichap’s Montana broker of record, represented the seller, Veeder Hospitality Associates LLC and procured the buyer, InterMountain Management.
“Acquiring a 137-room Courtyard by Marriott in Billings is a significant investment for InterMountain Management, and Skyler Cooper of Marcus & Millichap made the experience smooth and efficient,” said Stan Jones, executive vice president, development of InterMountain Management. “Their responsiveness and ability to keep everyone informed gave us complete confidence throughout the process.”
Constructed in 2024, Courtyard Billings is close to Interstate 90, near Billings Logan International Airport, and the Yellowstone Art Museum. The four-story hotel has meeting event spaces, a restaurant, and fitness and business centers. Major employers in Billings include St. Vincent Healthcare, First Interstate Bank, Conoco Phillips, and ExxonMobil.
“Working with Skyler Cooper and Marcus & Millichap was a seamless experience from start to finish,” said Linnea Veeder, manager of Veeder Hospitality Associates LLC. “Their commitment to the transaction, frequent communication, and ability to navigate complex details made the entire process stress-free. We truly appreciated their professionalism and persistence in getting this deal closed.”
“Given the current landscape, this sale represents a significant outlier — and a positive one,” said Skyler Cooper, senior managing director investments. “The Montana hospitality market, and Billings specifically, have seen limited transaction activity over the past 18 months, largely due to elevated interest rates and tightening buyer underwriting standards. This successful closing of a premium-branded, newly constructed asset in a secondary market showcases continued investor appetite for institutional-quality product when priced correctly. It also reflects growing confidence in Montana’s long-term fundamentals, where tourism, healthcare, and energy remain durable demand drivers.” Cooper, Chris Gomes, and Allan Miller of Marcus & Millichap, in association with Adam Christofferson, Marcus & Millichap’s Montana broker of record, represented the seller, Veeder Hospitality Associates LLC and procured the buyer, InterMountain Management.
“Acquiring a 137-room Courtyard by Marriott in Billings is a significant investment for InterMountain Management, and Skyler Cooper of Marcus & Millichap made the experience smooth and efficient,” said Stan Jones, executive vice president, development of InterMountain Management. “Their responsiveness and ability to keep everyone informed gave us complete confidence throughout the process.”
Constructed in 2024, Courtyard Billings is close to Interstate 90, near Billings Logan International Airport, and the Yellowstone Art Museum. The four-story hotel has meeting event spaces, a restaurant, and fitness and business centers. Major employers in Billings include St. Vincent Healthcare, First Interstate Bank, Conoco Phillips, and ExxonMobil.
“Working with Skyler Cooper and Marcus & Millichap was a seamless experience from start to finish,” said Linnea Veeder, manager of Veeder Hospitality Associates LLC. “Their commitment to the transaction, frequent communication, and ability to navigate complex details made the entire process stress-free. We truly appreciated their professionalism and persistence in getting this deal closed.”
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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.
