Marcus & Millichap Inc.
07/22/2024 | Press release | Distributed by Public on 07/23/2024 09:38
Marcus & Millichap Arranges $14.5M Sale of Hotel Properties in South Carolina
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Marcus & Millichap Arranges $14.5M Sale of Hotel Properties in South Carolina
July 22, 2024
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SOUTH CAROLINA, July 22, 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 two Country Inn & Suites hotel properties in Orangeburg and Summerville, South Carolina. The assets collectively sold for $14,500,000.
"These properties were sold as a portfolio at full asking price," said Jack Davis, senior vice president investments. "The buyers plan to convert these properties and complete an extensive renovation."
Davis, Joce Messinger, Chase Dewese, Josh Tammen and Robert Hunter, investment specialists in Marcus & Millichap's Charleston, Charlotte Uptown, Phoenix and Fort Lauderdale offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
The 81-room Orangeburg property, located at 71 Citadel Road, features an indoor swimming pool, hot tub, fitness center and meeting space. Built in 2007, it is situated off Interstate-26 near educational institutions and the Regional Medical Center of Orangeburg. The Summerville property, located at 220 Holiday Drive, is an 84-room, four-story hotel with amenities including an outdoor swimming pool and fitness center. Built in 2004, it is also positioned along Interstate-26, near major demand generators such as Boeing, Volvo, and Charleston Southern University, and just 30 minutes from Downtown Charleston.
"These properties were sold as a portfolio at full asking price," said Jack Davis, senior vice president investments. "The buyers plan to convert these properties and complete an extensive renovation."
Davis, Joce Messinger, Chase Dewese, Josh Tammen and Robert Hunter, investment specialists in Marcus & Millichap's Charleston, Charlotte Uptown, Phoenix and Fort Lauderdale offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
The 81-room Orangeburg property, located at 71 Citadel Road, features an indoor swimming pool, hot tub, fitness center and meeting space. Built in 2007, it is situated off Interstate-26 near educational institutions and the Regional Medical Center of Orangeburg. The Summerville property, located at 220 Holiday Drive, is an 84-room, four-story hotel with amenities including an outdoor swimming pool and fitness center. Built in 2004, it is also positioned along Interstate-26, near major demand generators such as Boeing, Volvo, and Charleston Southern University, and just 30 minutes from Downtown Charleston.
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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.