Marcus & Millichap Inc.
07/01/2024 | Press release | Distributed by Public on 07/02/2024 15:42
Marcus & Millichap Facilitates Sale of Dual-Branded Hotels in Lancaster, Texas
Press Releases
Marcus & Millichap Facilitates Sale of Dual-Branded Hotels in Lancaster, Texas
July 01, 2024
LinkedIn Email App
LANCASTER, TX, July 1, 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 dual-branded hotels, Sleep Inn & Suites and Mainstay Suites in Lancaster, Texas.
"Lancaster and Desoto are one of the strongest submarkets for midscale hotels in the DFW MSA," says Chris Gomes. "The Sleep Inn and MainStay Suites dual-branded hotel is a perfect fit to cater to this segment."
Gomes, executive managing director in Marcus & Millichap's Dallas office, had the exclusive listing to market the property on behalf of a Dallas-based investment firm and procured the buyer, an out-of-state private investor who was in a 1031 exchange. Allan Miller, senior managing director in the firm's Austin office, was listed on the transaction as a supporting broker.
Located at 3508 I-35E, this three-story property offers 80 rooms, across both Sleep Inn & Suites and Mainstay Suites accommodations. Amenities feature an outdoor pool, a fitness center, a picnic area, laundry services, and a business center. Nearby points of interest within 10 miles include Lancaster Community Park, the Lancaster Veterans Memorial Library, and the University of North Texas at Dallas.
"Lancaster and Desoto are one of the strongest submarkets for midscale hotels in the DFW MSA," says Chris Gomes. "The Sleep Inn and MainStay Suites dual-branded hotel is a perfect fit to cater to this segment."
Gomes, executive managing director in Marcus & Millichap's Dallas office, had the exclusive listing to market the property on behalf of a Dallas-based investment firm and procured the buyer, an out-of-state private investor who was in a 1031 exchange. Allan Miller, senior managing director in the firm's Austin office, was listed on the transaction as a supporting broker.
Located at 3508 I-35E, this three-story property offers 80 rooms, across both Sleep Inn & Suites and Mainstay Suites accommodations. Amenities feature an outdoor pool, a fitness center, a picnic area, laundry services, and a business center. Nearby points of interest within 10 miles include Lancaster Community Park, the Lancaster Veterans Memorial Library, and the University of North Texas at Dallas.
# # #
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.