Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Regency Inn McKinney, a 58 room Hospitality property located at 951 South Central Expressway in McKinney, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset commanded a list price of $1,900,000.
Michael Yu and Rahul Bijlani, Senior Directors of the National Hospitality Group, and Tyler Bean, an Associate of the National Hospitality Group in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was also secured and represented by Yu and Bijlani; and Andrew Frosch, an investment specialist in Marcus & Millichap’s Houston office.
This sale represents the 20th hotel transaction the Yu-Bijlani Hospitality team has closed in the last 12 months. They currently have seven hotels in escrow and 21 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.