Marcus & Millichap Inc.
11/26/2024 | Press release | Distributed by Public on 11/26/2024 13:46
Marcus & Millichap Arranges Sale and Financing of 112-Room Courtyard by Marriott in Houston
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Marcus & Millichap Arranges Sale and Financing of 112-Room Courtyard by Marriott in Houston
November 26, 2024
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HOUSTON, Nov. 26, 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 and financing of the Courtyard by Marriott Houston NW/290, a 112-room upscale hotel located at 6708 Gessner Road.
"It was once again a great experience working with Skyler and the Marcus & Millichap organization! They went above and beyond the call of duty to get this transaction successfully closed. They were a value-add team for both parties involved," said seller, Chirag Patel.
Skyler Cooper exclusively marketed the property on behalf of the seller, Unity Lodging LLC, and procured the private out-of-state buyer with support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team of Marcus & Millichap. Pete Fehlman and Jake Marshall of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the financing.
"By leveraging our extensive banking relationships within the State of Texas, we were able to secure multiple term sheets before proceeding with a Houston-based regional bank and local CDC," said Fehlman. "This hotel is the client's first in the state, and we were able to utilize the SBA 504 financing program to secure 80% loan-to-cost financing with a floating rate structure that allows the client to take advantage of future projected decreases in short term rates."
Built in 2014, the four-story hotel is situated just off U.S 29, near major demand drivers, including The Galleria, Downtown Houston, City Center, and the Energy Corridor. Amenities at the property include 1,920 square feet of meeting space, an on-site restaurant, fitness center, and an indoor pool.
"It was once again a great experience working with Skyler and the Marcus & Millichap organization! They went above and beyond the call of duty to get this transaction successfully closed. They were a value-add team for both parties involved," said seller, Chirag Patel.
Skyler Cooper exclusively marketed the property on behalf of the seller, Unity Lodging LLC, and procured the private out-of-state buyer with support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team of Marcus & Millichap. Pete Fehlman and Jake Marshall of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the financing.
"By leveraging our extensive banking relationships within the State of Texas, we were able to secure multiple term sheets before proceeding with a Houston-based regional bank and local CDC," said Fehlman. "This hotel is the client's first in the state, and we were able to utilize the SBA 504 financing program to secure 80% loan-to-cost financing with a floating rate structure that allows the client to take advantage of future projected decreases in short term rates."
Built in 2014, the four-story hotel is situated just off U.S 29, near major demand drivers, including The Galleria, Downtown Houston, City Center, and the Energy Corridor. Amenities at the property include 1,920 square feet of meeting space, an on-site restaurant, fitness center, and an indoor pool.
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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.