HAMMOND, LA., September 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the 2010 constructed Holiday Inn, a 97-room full-service hotel located in Hammond, Louisiana, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Jonathan S. Ruprai, a director of the firm’s National Hospitality Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Louisiana-based seller.The buyer, a limited liability company from Texas, was secured and represented by Chris Gomes and Allan Miller, both senior directors in the National Hospitality Group in the firm’s Dallas and San Antonio offices, respectively.
William Hoffpauir, Louisiana broker of record, assisted in closing this transaction.
“This transaction exemplifies the power of the Marcus & Millichap National Hospitality Group’s collaborative platform,” says Ruprai.
“In every cycle, but particularly in the investment cycle we’re currently in, exposure creates value for clients. Jonathan’s execution of effective positioning and marketing coupled with our platform of hotel investment specialists in more than 38 markets nationally created a competitive environment of opportunistic out-of-area capital. With multiple offers generated by Jonathan Ruprai and other Marcus & Millichap hospitality agents the winning bidder was an out-of-state investor procured by Chris Gomes and Allan Miller,” concludes Gregory A. LaBerge, National Director of the firm’s National Hospitality Group.
“The buyer was in 1031 Exchange and this was a perfect opportunity for them to acquire a stabilized asset backed by non-recourse debt,” says Chris Gomes. “A third-party management company based out of Dallas, Texas will be operating the asset on behalf of the buyers.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com