Marcus & Millichap : Brokers a 261-Room Hospitality Portfolio Sale in the Hudson Valley Region of New York
August 19, 2022 at 04:55 pm EDT
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Marcus & Millichap Brokers a 261-Room Hospitality Portfolio Sale in the Hudson Valley Region of New York
August 19, 2022
MIDDLETOWN, N.Y., Aug. 19, 2022 - 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 a Marriott Courtyard and Hampton Inn portfolio totaling 261 rooms in Middletown, New York. The properties sold for a combined purchase price of $34 million.
Andrew Kern and Jerry Swon, investment specialists in Marcus & Millichap's Tampa and Manhattan offices, respectively, had the exclusive listing to market the hotels on behalf of the seller, a limited liability company, and procured the regionally based buyer. Situated within the Hudson Valley, Middletown is home to the annual Orange County Fair, Orange County Speedway, and Legoland.
"We received significant interest from buyers looking to acquire well-maintained, stabilized hospitality assets that provide convenient access to many of the town's demand generators, including the Galleria at Crystal Run, Legoland, and the Medical Center," said Kern. Over the past 60 days, Kern and Swon have collaborated on the successful disposition of four hotels in three separate transactions, exceeding $55 million in value. The four assets are the Hampton Inn Northwood in Myrtle Beach, South Carolina, the Marriott Courtyard and Hampton Inn in Middletown, and the Holiday Inn Express Airport in Syracuse, New York.
"We utilized different marketing strategies to cater to the needs of our clients, which resulted in a successful outcome for each transaction," said Swon. "Myrtle Beach was a direct sale, while the sale in Syracuse was conducted utilizing an auction platform with 14 registered bidders. The Middletown transactions were the result of a traditional marketing process that generated 12 written offers."
"By leveraging our respective teams' relationships and skills, we demonstrated that working collaboratively through Marcus & Millichap's unique marketing and sales platform adds significant value to our clients," concluded Kern. John Horowitz is Marcus & Millichap's broker of record in the state of New York and Ben Yelm is the firm's broker of record in South Carolina.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 20:53:51 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
