NEW PORT RICHEY, Fla., July 7,2022 – 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 a 150-unit Quality Inn & Suites located in New Port Richey, Florida. The asset sold for $9.9 million or $66,000 per room.
“This Quality Inn & Suites was on the market for less than a week and sold for 99 percent of the asking price, reflecting the strength of this asset,” says Jack Davis, first vice president investments.
Davis, in addition to Joce Messinger, Josh Williams, Joe Simpson and Eric Webster, all of the firm’s Charleston office, had the exclusive listing to market the property on behalf of the seller, HDG Hotels. The team also secured the in-state buyer, Kevish Patel. Ryan Nee, Florida broker of record, assisted in closing the transaction.
The asset is located at 5316 US-19 in New Port Richey, Florida, less than an hour drive away from Tampa International Airport, St. Petersburg-Clearwater Airport and the University of South Florida. The hotel was constructed in 1986 and offers over 5,500 square feet of meeting space in addition to its 150 guest rooms.
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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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.