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 Sleep Inn & Suites Jourdanton-Pleasanton, a 65-room hospitality property located in Jourdanton, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
Andrew B. Frosch, First Vice President Investments, Joseph Manuel, Associate, in Marcus & Millichap’s Houston office, Chris Gomes, Senior Managing Director Investments in Marcus & Millichap’s Dallas office and Allan Miller, Senior Vice President Investments in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a private investor. “We started the marketing process in August amongst the ongoing COVID pandemic and oil prices dropping to multi-year lows. We received multiple offers from in-state and out-of-state investors during this time. The buyers were a local group from Texas that understood the market and seized on an upside opportunity to expand their business portfolio. Although COVID has impacted hospitality lending, we helped the buyers secure financing with an SBA loan” said Manuel. The buyers, a private investment group, were secured and represented by Andrew B. Frosch, Allan Miller, Chris Gomes, and Joseph Manuel.
Sleep Inn & Suites Jourdanton-Pleasanton is located at 1800 East South Highway 97 in Jourdanton, Texas.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
