Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Ramada, a 79 room Hotel located at 4002 East Austin Street in Giddings, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset commanded a list price of $1,950,000.
Michael Yu and Rahul Bijlani, Senior Directors of the National Hospitality Group and Dennis Drake, an investment specialist in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Bijlani, Yu and Tyler Bean, an investment specialist in Marcus & Millichap’s Fort Worth office.
This sale represents the 23rd hotel transaction the Yu-Bijlani Hospitality team has closed in the last 12 months. They currently have six hotels in escrow and 20 listings spread across Texas, Louisiana, Arkansas and Oklahoma.
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 6,149 transactions in 2012, 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.