Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hampton Inn & Suites, a 109-room hotel located in Ocala, FL. The asset commanded a sales price of $5,800,000 representing $53,211 per room.
Ahmed Kabani, Senior Associate and an Associate Director with Marcus & Millichap’s National Hospitality Group, and Jonathan Gerszberg, Associate, both from Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a Miami bank/financial institution.
“The asset generated immediate investment interest because of its newer construction (2008), excellent visibility from I-75 and close proximity to golf courses and state parks. The buyer had to compete against 10 other offers, and ultimately closed with a hard day one offer,” says Kabani.
The buyer, a limited liability company from Michigan, was secured and represented by David M. Greenberg, Vice President Investments and Senior Director of Marcus & Millichap’s National Hospitality Group from the firm’s Ft. Lauderdale office.
“This acquisition is an excellent, strategic and significantly below replacement cost deal with plenty of upside. This is the first time this buyer has owned a hotel in Florida. Based on Florida’s positive hotel operating trends and diverse mix of corporate and leisure business generators, Florida is back on out-of-area investors’ radar screens. We expect 2013 to be a record year for hotel transactions,” says Greenberg.
Hampton Inn & Suites is a 109-room hotel located directly off Interstate 75 on Highway 484 and just minutes from Ocala's Florida Horse Park. Large trailer parking is available for guests, making the hotel ideal for those visiting the Park. There are also several championship golf courses within 10 minutes of the property. Hampton Inn & Suites is located at 2075 Southwest Highway 484 in Ocala, FL.
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.