Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 118-room Best Western located in East Orlando, Florida. The property sold for $6,500,001. Marcus & Millichap Capital Corporation (MMCC) arranged $5.2 million in acquisition financing.
“Located along at the intersection of State Road 50, Colonial Drive, and State Road 417, both major throughways with massive vehicle traffic counts, the hotel competes very well with the competitive set,” says Robert Bhat, a director in MMCC’s Miami office. “MMCC was able to find a lender to provide 80 percent loan-to-cost via the SBA 504 program, while keeping the interest rate in the 4 percent range.”
“The seller capitalized on the hotel’s healthy performance and current market conditions,” comments Jonathan Ruprai, senior director of Marcus & Millichap’s National Hospitality Group. “Recent major renovations, coupled with strong management, created a significant increase in revenue, which attracted investors from around the country and led to the generation of numerous offers.”
Ruprai represented the seller. The buyer was procured by Ahmed Kabani, first vice president investments in the firm’s Miami office.
“The buyer is an experienced hotel developer with a growing portfolio of Florida hotels,” adds Kabani. “The growth potential of this East Orlando site makes the asset particularly attractive.”
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2016, MMCC closed over 1,650 commercial real estate financing transactions. To learn more, please visit: www.mmCapCorp.com
