Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hampton Inn & Suites, a 70 room Hospitality property located at 1202 Ed Carey Drive in Harlingen, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset commanded a list price of $7,100,000.
Rahul Bijlani and Michael Yu, Senior Directors of the National Hospitality Group in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Yu and Bijlani.
This sale represents the 19th hotel transaction the Yu-Bijlani group has closed in the last 12 months. They currently have five hotels in escrow and 22 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.