Press Releases
Marcus & Millichap Arranges the Sale of a 60-Room Hospitality Property in North Dakota
May 02, 2024
DEVILS LAKE, ND, May 2, 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 Holiday Inn Express Devils Lake, a 60-room hospitality property located in Devils Lake, ND, according to Todd E. Lindblom, regional manager of the firm’s Minneapolis office.
Jon Ruzicka, Jake Erickson, Jared Plamann and Joseph Ferguson investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller. The buyer was procured by the team of Ruzicka/Erickson/Plamann/Ferguson as well.
Holiday Inn Express Devils Lake is located at 875 U.S. Rte 2 in Devils Lake, ND. Per Ruzicka, “Devils Lake is home to one of the most popular fishing lakes in the entire nation which helped generate substantial buyer interest leading to multiple offers. The Holiday Inn Express Devils Lake was a legacy asset developed and owned by the original family all the way up until the day of closing. The acquisition provided an investor the opportunity to acquire a historically consistent performing hotel with an ideal franchise situation at considerably below replacement cost.”
Jon Ruzicka, Jake Erickson, Jared Plamann and Joseph Ferguson investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller. The buyer was procured by the team of Ruzicka/Erickson/Plamann/Ferguson as well.
Holiday Inn Express Devils Lake is located at 875 U.S. Rte 2 in Devils Lake, ND. Per Ruzicka, “Devils Lake is home to one of the most popular fishing lakes in the entire nation which helped generate substantial buyer interest leading to multiple offers. The Holiday Inn Express Devils Lake was a legacy asset developed and owned by the original family all the way up until the day of closing. The acquisition provided an investor the opportunity to acquire a historically consistent performing hotel with an ideal franchise situation at considerably below replacement cost.”
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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.
