Marcus & Millichap Inc.
11/20/2024 | Press release | Distributed by Public on 11/20/2024 16:40
Marcus & Millichap Brokers $9.8 Million Sale of Downtown Alexandria’s Premier Riverfront Hotel
Press Releases
Marcus & Millichap Brokers $9.8 Million Sale of Downtown Alexandria's Premier Riverfront Hotel
November 20, 2024
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ALEXANDRIA, La., Nov. 20, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $9.8 million sale of the Holiday Inn Alexandria Downtown, a 168-room hotel in downtown Alexandria, Louisiana. The property is a prominent local landmark in the downtown landscape, reflecting growing investor interest in the area's revitalization and the regional hospitality market.
"The sale of the Holiday Inn Alexandria Downtown exemplifies the strength of Alexandria's hospitality market and underscores investor interest in well-located, renovated assets," said David Altman, first vice president investments. "Sharpco Hotels' extensive redevelopment of this property has elevated its standing as a downtown destination, and we're pleased to have matched them with VJ Hotels, whose strategic vision will ensure its continued growth and service to the community."
Altman exclusively marketed the property on behalf of the seller, Sharpco Hotels, based in Natchitoches, Louisiana. Originally purchased from the city of Alexandria as an abandoned building, Sharpco Hotels revitalized the property with a comprehensive renovation, securing the Holiday Inn brand for the hotel. The buyer, VJ Hotels, a Tennessee-based investor group, plans further enhancements in collaboration with ARK Hospitality, a Texas-based hotel management company. Steve Greer is Marcus & Millichap's Broker of Record in Louisiana.
Located at 701 4th St., the seven-story hotel was constructed in 1984 and renovated in 2022. Amenities include a restaurant, Tesla superchargers, over 11,000 square feet of meeting space, and direct access to the 67,000-square-foot Randolph Riverfront Convention Center, making it a prime destination for both business and leisure travelers. Its downtown location offers proximity to regional employers, including Procter & Gamble, Rapides Regional Medical Center, and LSU Alexandria, as well as significant military business from Fort Johnson.
"The sale of the Holiday Inn Alexandria Downtown exemplifies the strength of Alexandria's hospitality market and underscores investor interest in well-located, renovated assets," said David Altman, first vice president investments. "Sharpco Hotels' extensive redevelopment of this property has elevated its standing as a downtown destination, and we're pleased to have matched them with VJ Hotels, whose strategic vision will ensure its continued growth and service to the community."
Altman exclusively marketed the property on behalf of the seller, Sharpco Hotels, based in Natchitoches, Louisiana. Originally purchased from the city of Alexandria as an abandoned building, Sharpco Hotels revitalized the property with a comprehensive renovation, securing the Holiday Inn brand for the hotel. The buyer, VJ Hotels, a Tennessee-based investor group, plans further enhancements in collaboration with ARK Hospitality, a Texas-based hotel management company. Steve Greer is Marcus & Millichap's Broker of Record in Louisiana.
Located at 701 4th St., the seven-story hotel was constructed in 1984 and renovated in 2022. Amenities include a restaurant, Tesla superchargers, over 11,000 square feet of meeting space, and direct access to the 67,000-square-foot Randolph Riverfront Convention Center, making it a prime destination for both business and leisure travelers. Its downtown location offers proximity to regional employers, including Procter & Gamble, Rapides Regional Medical Center, and LSU Alexandria, as well as significant military business from Fort Johnson.
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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.