Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Best Western Deer Park Inn & Suites, a 56 room hotel located at 1401 Center Street, Deer Park, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The hotel commanded a list price of $2,500,000.
Rahul Bijlani, Michael Yu and Eric Guerrero, investment specialists in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Within a month, the group secured multiple offers from local and out of state buyers. The ultimate buyer secured was an out of state investor that purchased the property above 95 percent of the list price and had a significant amount of non-refundable earnest money day one of the contract. The group helped the buyer navigate several financing issues during escrow.
This sale represents the 17th hotel transaction the Yu-Bijlani group has closed in the last 12 months. They currently have six hotels in escrow and 20 listings spread across Texas.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.