Marcus & Millichap Inc.
11/14/2024 | Press release | Distributed by Public on 11/15/2024 18:27
Marcus & Millichap Announces $3.25M Sale of 62-Room Hotel Property in Minnesota
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Marcus & Millichap Announces $3.25M Sale of 62-Room Hotel Property in Minnesota
November 14, 2024
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SHAKOPEE, Minn., Nov. 14, 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 AmeriVu Inn & Suites, a 62-room hotel property located in Shakopee, Minnesota. The property sold for $3.25 million.
"We are excited to have successfully facilitated the sale of this recently renovated limited-service hotel in the Minneapolis MSA, completing the transaction in under 60 days with minimal disruption to staff and operations," said Jon Ruzicka, first vice president investments. "The property offers significant upside potential, especially with the incoming investor's strategic decision to reaffiliate with a national brand. This deal highlights the ongoing demand for well-positioned assets that offer strong opportunities for value creation in high-growth markets."
Ruzicka, Joseph Ferguson and Reed Gizinski, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
AmeriVu Inn & Suites sits on 2.69 acres at 1204 Ramsey St. in the Minneapolis metropolitan area. Built in 1997, the property is located just off Interstate 169, near Valleyfair amusement park and Mystic Lake Casino. Amenities include an indoor pool and complimentary breakfast.
"We are excited to have successfully facilitated the sale of this recently renovated limited-service hotel in the Minneapolis MSA, completing the transaction in under 60 days with minimal disruption to staff and operations," said Jon Ruzicka, first vice president investments. "The property offers significant upside potential, especially with the incoming investor's strategic decision to reaffiliate with a national brand. This deal highlights the ongoing demand for well-positioned assets that offer strong opportunities for value creation in high-growth markets."
Ruzicka, Joseph Ferguson and Reed Gizinski, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
AmeriVu Inn & Suites sits on 2.69 acres at 1204 Ramsey St. in the Minneapolis metropolitan area. Built in 1997, the property is located just off Interstate 169, near Valleyfair amusement park and Mystic Lake Casino. Amenities include an indoor pool and complimentary breakfast.
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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.