Marcus & Millichap Inc.
11/13/2024 | Press release | Distributed by Public on 11/13/2024 17:00
Marcus & Millichap Brokers Sale of 94 Room Extended Stay Hotel in Denver Metro Area
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Marcus & Millichap Brokers Sale of 94-Room Extended-Stay Hotel in Denver Metro Area
November 13, 2024
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WESTMINSTER, Colo., Nov. 13, 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 Residence Inn by Marriott Denver North Westminster, Colorado.
Marcus & Millichap's Chris Gomes, executive managing director investments, exclusively marketed the property on behalf of Newcrestimage, a Dallas based hospitality company and procured the buyer, Archer Capital Group with support from Allan Miller and Christy McDougall of the Miller-Gomes Hotel Team of Marcus & Millichap. Adam Lewis is Marcus & Millichap's broker of record in Colorado.
"Led by Rahil Sanghvi, this is Archer Capital Group's fifth acquisition of the year and sixth transaction over the past two years. This asset is a perfect addition to the buyer's growing portfolio," said Gomes. "NewcrestImage, on the other hand, has been very active this year. This transaction marks their 13th disposition of the year, and they have also acquired three other assets during the same period."
Located at 5010 W. 88th Place in Westminster, the four-story Residence Inn by Marriott offers 94 extended-stay suites with kitchens, separate living areas, and modern amenities. The property is accessible from U.S. Route 36, also known as the Denver-Boulder Turnpike, and is near major demand drivers, including the Westminster Promenade, Butterfly Pavilion, and corporate headquarters for companies such as Ball Corporation and Maxar Technologies.
Marcus & Millichap's Chris Gomes, executive managing director investments, exclusively marketed the property on behalf of Newcrestimage, a Dallas based hospitality company and procured the buyer, Archer Capital Group with support from Allan Miller and Christy McDougall of the Miller-Gomes Hotel Team of Marcus & Millichap. Adam Lewis is Marcus & Millichap's broker of record in Colorado.
"Led by Rahil Sanghvi, this is Archer Capital Group's fifth acquisition of the year and sixth transaction over the past two years. This asset is a perfect addition to the buyer's growing portfolio," said Gomes. "NewcrestImage, on the other hand, has been very active this year. This transaction marks their 13th disposition of the year, and they have also acquired three other assets during the same period."
Located at 5010 W. 88th Place in Westminster, the four-story Residence Inn by Marriott offers 94 extended-stay suites with kitchens, separate living areas, and modern amenities. The property is accessible from U.S. Route 36, also known as the Denver-Boulder Turnpike, and is near major demand drivers, including the Westminster Promenade, Butterfly Pavilion, and corporate headquarters for companies such as Ball Corporation and Maxar Technologies.
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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.