Marcus & Millichap Inc.
12/06/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of Historic 110-Room Hotel in Downtown Memphis
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Marcus & Millichap Brokers Sale of Historic 110-Room Hotel in Downtown Memphis
December 06, 2024
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MEMPHIS, Tenn., Dec. 6, 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 Hu. Hotel, a 110-room hotel in Memphis, Tennessee.
Mitchell Presas, Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap's Miller-Gomes Hotel Team, represented the local private buyer in the transaction. Jody McKibben is Marcus & Millichap's broker of record in Tennessee.
"I thoroughly enjoyed working with Mitchell. He not only worked diligently to secure the deal at what I believe were fair terms for all parties, but he also brought a team with extensive knowledge and experience," said Nick Patel, the buyer. "Their expertise gave me confidence throughout the process. Mitchell stayed on top of every item that arose during escrow and was always available, allowing me to focus on closing the deal. I look forward to working with the team on future projects and would gladly recommend them to other hotel owners."
Located at 79 Madison Ave. in downtown Memphis, the hotel occupies the former Tennessee Trust Building, built in 1905 and listed on the National Register of Historic Places. Steps from Beale Street, the Mississippi River, and FedExForum, the hotel features a rooftop bar, meeting spaces, and a fitness center.
"The Miller-Gomes Hotel Team of Marcus & Millichap's National Hospitality Division was honored to advise on the negotiation of the Hu. Hotel in downtown Memphis," said Mitchell Presas, senior associate. "Originally constructed as a bank building in 1905, the property was converted into a 110-room luxury boutique hotel in 2002 and underwent significant renovation and rebranding around 2018-2019. Listed on the National Register of Historic Places since 1982, the hotel retains its traditional ornate and classical revival exterior. Previously marketed multiple times by another nationally recognized company, our team successfully procured an in-state private buyer who presented highly competitive terms. This truly showcases the power of the Marcus & Millichap platform. We are thrilled to see this unique historic asset reach its full potential for the local community and believe it will be a rewarding project for the new owners."
Mitchell Presas, Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap's Miller-Gomes Hotel Team, represented the local private buyer in the transaction. Jody McKibben is Marcus & Millichap's broker of record in Tennessee.
"I thoroughly enjoyed working with Mitchell. He not only worked diligently to secure the deal at what I believe were fair terms for all parties, but he also brought a team with extensive knowledge and experience," said Nick Patel, the buyer. "Their expertise gave me confidence throughout the process. Mitchell stayed on top of every item that arose during escrow and was always available, allowing me to focus on closing the deal. I look forward to working with the team on future projects and would gladly recommend them to other hotel owners."
Located at 79 Madison Ave. in downtown Memphis, the hotel occupies the former Tennessee Trust Building, built in 1905 and listed on the National Register of Historic Places. Steps from Beale Street, the Mississippi River, and FedExForum, the hotel features a rooftop bar, meeting spaces, and a fitness center.
"The Miller-Gomes Hotel Team of Marcus & Millichap's National Hospitality Division was honored to advise on the negotiation of the Hu. Hotel in downtown Memphis," said Mitchell Presas, senior associate. "Originally constructed as a bank building in 1905, the property was converted into a 110-room luxury boutique hotel in 2002 and underwent significant renovation and rebranding around 2018-2019. Listed on the National Register of Historic Places since 1982, the hotel retains its traditional ornate and classical revival exterior. Previously marketed multiple times by another nationally recognized company, our team successfully procured an in-state private buyer who presented highly competitive terms. This truly showcases the power of the Marcus & Millichap platform. We are thrilled to see this unique historic asset reach its full potential for the local community and believe it will be a rewarding project for the new owners."
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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.