MEMPHIS, TENN., August 12, 2015 – 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 96-room Courtyard by Marriott, located in Memphis, Tenn., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Jonathan S. Ruprai, senior director of the firm’s National Hospitality Group, and Dennis Hopper, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Anne Williams and Matthew Fitzgerald, brokers, assisted in this transaction.
“The seller acquired the hotel in 2012, and shortly thereafter completed a $2.275MM renovation, which ultimately allowed the hotel to increase its market share. This repositioning, coupled with the tremendous optimism in the investment markets, allowed the seller to benefit. At the same time, there is significant value upside remaining for the buyer as they look to continue to build upon the repositioning efforts and increased share in the Memphis market,” says Ruprai.
With an industry leading hospitality team in more than 40 markets nationally, this marks the 101st hotel sold by Marcus & Millichap’s National Hospitality Group in 2015.
# # #
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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