Press Releases
Marcus & Millichap Brokers Hospitality Asset Sale in Downtown Anchorage
January 23, 2026
ANCHORAGE, Alaska, Jan. 23, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 720 West 5th Avenue, a 13-story, 200-key hotel in Anchorage, Alaska.
“Formerly known as the Westmark Anchorage, we generated multiple offers for this vacant landmark asset in the heart of downtown,” said Gordon Allred, senior managing director investments with Marcus & Millichap. “The buyer plans to transform the property into a luxury lifestyle hotel, repurposing it into Anchorage’s next generation of hospitality product.” Allred and Clayton M. Hill of Marcus & Millichap, in association with Brandon Walker, Marcus & Millichap’s Alaska broker of record with Jack White Commercial, represented the seller, a private investor, and procured the buyer, Copford Management. “Occupancy rates in Downtown Anchorage increase substantially during the summer months, driven by the cruise industry,” said Hill. “Off-season periods see near double-digit revenue per available room growth, reinforcing Anchorage’s status as one of the premier high-growth hotel markets in the United States.”
The property is located off Alaska Route 1, adjacent to the William A. Egan Civic and Convention Center, across the street from the Alaska Center for the Performing Arts. The Dena’ina Civic and Convention Center, Anchorage Fifth Avenue Mall, and James M. Fitzgerald United States Courthouse and Federal Building are close by. Built in 1970 and renovated in 2016, the hotel overlooks the Chugach Mountains and Cook Inlet.
“Formerly known as the Westmark Anchorage, we generated multiple offers for this vacant landmark asset in the heart of downtown,” said Gordon Allred, senior managing director investments with Marcus & Millichap. “The buyer plans to transform the property into a luxury lifestyle hotel, repurposing it into Anchorage’s next generation of hospitality product.” Allred and Clayton M. Hill of Marcus & Millichap, in association with Brandon Walker, Marcus & Millichap’s Alaska broker of record with Jack White Commercial, represented the seller, a private investor, and procured the buyer, Copford Management. “Occupancy rates in Downtown Anchorage increase substantially during the summer months, driven by the cruise industry,” said Hill. “Off-season periods see near double-digit revenue per available room growth, reinforcing Anchorage’s status as one of the premier high-growth hotel markets in the United States.”
The property is located off Alaska Route 1, adjacent to the William A. Egan Civic and Convention Center, across the street from the Alaska Center for the Performing Arts. The Dena’ina Civic and Convention Center, Anchorage Fifth Avenue Mall, and James M. Fitzgerald United States Courthouse and Federal Building are close by. Built in 1970 and renovated in 2016, the hotel overlooks the Chugach Mountains and Cook Inlet.
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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.
