Marcus & Millichap Facilitates Sale of SureStay Plus Hotel in North Dakota

MINOT, N.D., July 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 a SureStay Plus Hotel property located in Minot, North Dakota.

"Certain North Dakota markets continue to be highly sought after due to attractive pricing expectations compared with the rest of the nation," said Jon Ruzicka, first vice president investments. "We were able to procure a buyer who stepped up and ultimately purchased the property even after multiple lenders refused to finance it, given its value-add component. This specific buyer plans exciting changes for the property, including a thorough renovation and rebranding."

Ruzicka and Joseph Ferguson, investment specialists in Marcus & Millichap's Minneapolis office, procured the buyer.

The SureStay Plus Hotel property is located at 900 24th Avenue SW across 1.71 acres. The 74,000-square-foot asset contains 61 rooms with additional amenities such as an indoor swimming pool and fitness center.

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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.