OCOEE, FLA., August 17, 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 80-room Fairfield Inn & Suites by Marriott located in Ocoee, Florida, 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. The buyer was sourced by Ruprai and Hopper.
“After completing a thorough renovation in 2013, the seller converted the hotel from a Courtyard to a Fairfield Inn & Suites,” says Hopper. “The repositioning allowed the hotel to increase its occupancy, which resulted in a significant increase in revenue.”
“The buyer plans on further growing the recent uptick in RevPAR by plugging in their management team and implementing a strategic business plan,” said Ruprai. “This acquisition was our first transaction with the buyer and we were extremely pleased with their ability to work diligently and move quickly, which ultimately led to a smooth closing.”
With an industry leading hospitality team in more than 40 markets nationally, this marks the 107th hotel sold by Marcus & Millichap’s National Hospitality Group in 2015.
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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
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