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Marcus & Millichap Inc.
12/11/2024 | Press release | Distributed by Public on 12/12/2024 15:47
Marcus & Millichap Brokers Sale of 47-Room Best Western in Minnesota
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Marcus & Millichap Brokers Sale of 47-Room Best Western in Minnesota
December 11, 2024
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ALEXANDRIA, Minn., Dec. 11, 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 47-room Best Western in Alexandria, Minnesota.
"With our extensive network of active hotel investors, we were able to identify and secure an ideal buyer from South Dakota with a strategic partnership in Minnesota," said Joseph Ferguson, senior associate. "Despite multiple competing offers generated through our comprehensive marketing campaign, this buyer stood out by surpassing the market with superior price and terms. Ultimately, the property sold for over $91,000 per key, significantly exceeding traditional pricing benchmarks for economy-scale hotels, particularly in a tertiary market."
Ferguson, Jon Ruzicka, Jake Erickson, Jared Plamann and Reed Gizinski, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Shree Hari OM1, and procured the buyer.
Best Western Alexandria is located at 508 Twin Blvd., just off Interstate 94. The 20,698-square-foot hotel features 47 rooms across two floors and includes an indoor pool. Nearby national retailers include Target, Walmart, Taco Bell and McDonald's.
"With our extensive network of active hotel investors, we were able to identify and secure an ideal buyer from South Dakota with a strategic partnership in Minnesota," said Joseph Ferguson, senior associate. "Despite multiple competing offers generated through our comprehensive marketing campaign, this buyer stood out by surpassing the market with superior price and terms. Ultimately, the property sold for over $91,000 per key, significantly exceeding traditional pricing benchmarks for economy-scale hotels, particularly in a tertiary market."
Ferguson, Jon Ruzicka, Jake Erickson, Jared Plamann and Reed Gizinski, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Shree Hari OM1, and procured the buyer.
Best Western Alexandria is located at 508 Twin Blvd., just off Interstate 94. The 20,698-square-foot hotel features 47 rooms across two floors and includes an indoor pool. Nearby national retailers include Target, Walmart, Taco Bell and McDonald's.
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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.