Marcus & Millichap Inc.
11/12/2024 | Press release | Distributed by Public on 11/13/2024 16:54
Marcus & Millichap Brokers Sale of 108-Room Hotel in Odessa’s Midland/Odessa Permian Basin Region
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Marcus & Millichap Brokers Sale of 108-Room Hotel in Odessa's Midland/Odessa Permian Basin Region
November 12, 2024
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ODESSA Texas, Nov. 12, 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 TownePlace Suites in Odessa, Texas, located in the Midland/Odessa Permian Basin region.
"With positive RevPAR growth trends sustained over the better part of three years, the revenue trajectory of this hotel and the larger Basin as a whole has bolstered investor confidence in the region," said Matt Omansky, senior associate in Marcus & Millichap's Austin office. "The buyer saw operational upside as well as value-add potential post-renovation. Both groups were exceptional to work with, and despite some challenges during escrow, buyer and seller worked collaboratively to complete the transaction."
Omansky exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor, with support from Chris Gomes and Allan Miller of Marcus & Millichap's Miller-Gomes Hotel Team. The TownePlace Suite Odessa marks the team's 35th successful transaction in the Permian Basin since 2010.
TownePlace Suites Odessa, located at 4412 Tanglewood Lane, is near Ratliff Stadium, the University of Texas Permian Basin (UTPB), the Wagner Noel Performing Arts Center, and Odessa College. Amenities at the property include a meeting room, complimentary breakfast, a swimming pool and fitness center.
"With positive RevPAR growth trends sustained over the better part of three years, the revenue trajectory of this hotel and the larger Basin as a whole has bolstered investor confidence in the region," said Matt Omansky, senior associate in Marcus & Millichap's Austin office. "The buyer saw operational upside as well as value-add potential post-renovation. Both groups were exceptional to work with, and despite some challenges during escrow, buyer and seller worked collaboratively to complete the transaction."
Omansky exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor, with support from Chris Gomes and Allan Miller of Marcus & Millichap's Miller-Gomes Hotel Team. The TownePlace Suite Odessa marks the team's 35th successful transaction in the Permian Basin since 2010.
TownePlace Suites Odessa, located at 4412 Tanglewood Lane, is near Ratliff Stadium, the University of Texas Permian Basin (UTPB), the Wagner Noel Performing Arts Center, and Odessa College. Amenities at the property include a meeting room, complimentary breakfast, a swimming pool and fitness center.
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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.