Marcus & Millichap Announces Sale of 87-Room Avid Hotel Property in Virginia

SALEM, Va., August 5, 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 Avid Hotel, an 87-room hotel property located in Salem, Virginia.

"This was a seamless transaction with both the buyer and seller being clients we have worked with in the past," said Chase Dewese, first vice president investments. "We look forward to working with both parties on future transactions and appreciate their continued trust in our market expertise."

Dewese, Jack Davis and Joce Messinger, investment specialists in Marcus & Millichap's Charleston office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.

The Avid Hotel Salem is located at 501 Wildwood Road off Interstate 81. Built in 2021, the 87-room hotel offers amenities such as a fitness and business center. The property is near downtown Roanoke, Virginia with proximity to Roanoke Blacksburg Airport, Salem Civic Center and Salem Red Sox Stadium.

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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.