Marcus & Millichap Inc.
09/09/2024 | Press release | Distributed by Public on 09/09/2024 12:11
Marcus & Millichap Auctions 69-Room Hampton Inn Property in Pittsburgh
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Marcus & Millichap Auctions 69-Room Hampton Inn Property in Pittsburgh
September 09, 2024
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PITTSBURGH, Penn., Sept. 9, 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 Hampton Inn hotel property located in Pittsburgh, Pennsylvania.
"The interest shown at auction underscores the value of well-located assets in high-demand markets," said Alexandre Duong, senior managing director investments. "Its sale represents the strong investment potential, and another successful transaction Duong Hospitality Group has completed in the Pennsylvania and northeast region."
Duong and Kevin Laureno, investment specialists in Marcus & Millichap's Cleveland office, had the exclusive listing to market the property on behalf of the seller, Seaview Hospitality, LLC. Duong and Laureno collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap's Commercial Property Auction Services to market the asset and secure the buyer, a private investor group. Timothy Stephenson, Broker of Record in Pennsylvania, assisted in closing the transaction.
Hampton Inn Pittsburgh/West Mifflin is located at 1550 Lebanon Church Road, just eight miles south of Downtown Pittsburgh. Built in 1997 and renovated in 2018, the 69-room hotel features amenities including an outdoor pool, fitness and business center. The property is positioned off Route 51with proximity to Century 3 Mall, Sandcastle Waterpark and Kennywood Amusement Park.
"The interest shown at auction underscores the value of well-located assets in high-demand markets," said Alexandre Duong, senior managing director investments. "Its sale represents the strong investment potential, and another successful transaction Duong Hospitality Group has completed in the Pennsylvania and northeast region."
Duong and Kevin Laureno, investment specialists in Marcus & Millichap's Cleveland office, had the exclusive listing to market the property on behalf of the seller, Seaview Hospitality, LLC. Duong and Laureno collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap's Commercial Property Auction Services to market the asset and secure the buyer, a private investor group. Timothy Stephenson, Broker of Record in Pennsylvania, assisted in closing the transaction.
Hampton Inn Pittsburgh/West Mifflin is located at 1550 Lebanon Church Road, just eight miles south of Downtown Pittsburgh. Built in 1997 and renovated in 2018, the 69-room hotel features amenities including an outdoor pool, fitness and business center. The property is positioned off Route 51with proximity to Century 3 Mall, Sandcastle Waterpark and Kennywood Amusement Park.
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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.