Marcus & Millichap Inc.
Marcus & Millichap Inc.
02/07/2024 | Press release | Archived content
Marcus & Millichap Facilitates Sale of 82-Room Microtel Inn & Suites by Wyndham Midland
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Marcus & Millichap Facilitates Sale of 82-Room Microtel Inn & Suites by Wyndham Midland
July 02, 2024
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MIDLAND, TX, July 2, 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 Microtel Inn & Suites by Wyndham Midland located in Midland, Texas.
"Working with an excellent repeat client made this transaction go very smoothly," said Matt Omansky, senior associate. "The last asset in their hotel portfolio, developed by the seller between 2013 and 2014, was exceptionally well maintained. These properties, all third-party managed, offered significant upside potential for the new buyer. Moreover, the market has seen impressive RevPAR recovery over the last three years, which should help position the new group for success in the near term."
Omansky, investment specialist in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a private client. Chris Gomes, executive managing director in Marcus & Millichap's Dallas office, procured the buyer, a Texas-based private investor. Allan Miller, senior managing director in the firm's Austin office, was listed on the transaction as a supporting broker.
The Microtel Inn & Suites by Wyndham Midland is an 82-room, three-story hotel located at 200 W Longview Ave., just off Interstate 20. Various common area amenities at the property include a business center, fitness center, breakfast area, and a guest laundry facility.
"Working with an excellent repeat client made this transaction go very smoothly," said Matt Omansky, senior associate. "The last asset in their hotel portfolio, developed by the seller between 2013 and 2014, was exceptionally well maintained. These properties, all third-party managed, offered significant upside potential for the new buyer. Moreover, the market has seen impressive RevPAR recovery over the last three years, which should help position the new group for success in the near term."
Omansky, investment specialist in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a private client. Chris Gomes, executive managing director in Marcus & Millichap's Dallas office, procured the buyer, a Texas-based private investor. Allan Miller, senior managing director in the firm's Austin office, was listed on the transaction as a supporting broker.
The Microtel Inn & Suites by Wyndham Midland is an 82-room, three-story hotel located at 200 W Longview Ave., just off Interstate 20. Various common area amenities at the property include a business center, fitness center, breakfast area, and a guest laundry facility.
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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.