Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the GrandStay Hotel & Suites, a 80-room hospitality property located in Appleton, WI, according to Gregory A. LaBerge, National Director of the firm’s National Hospitality Group. The asset sold for $4,425,000, or more than $55,000 per room.
Scott D. Brash, a senior director in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. Matthew Fitzgerald, Broker, assisted in closing this transaction.
The seller built the hotel in 2007 as a Wyndham Garden Inn and then converted to GrandStay Suites in 2010. In the past three years the hotel has held the #1 ranking on TripAdvisor. “The buyer, a Chicago-based private investor, is really inheriting a wonderful asset. They will build upon the tradition the seller set in offering a great guest experience in that market,” says Scott Brash.
The GrandStay Hotel & Suites is located at 300 Mall Drive in Appleton, WI, just south of the Fox River Mall and just west of the interchange of U.S. Highway 41 which encircles the city and connects Appleton with Green Bay to the north, as well as Fond du Lac, Oshkosh and Milwaukee to the south. The Fox River Mall is the premier shopping destination in central Wisconsin generating more than 16 million annual visitors. The property itself features large guest rooms with several alternative floor plans, including fireplaces, spa tubs, and luxury beds. Hotel amenities include a fitness center, lobby bar, wellness pool, shuttle service and business center.
“This transaction really highlights the continued movement of investment capital into non-core markets, particularly from investors located in core markets. With our national hotel team located in 35 markets across the country we believe we are well positioned to help our clients capture these opportunities as this trend continues into the forseeable future,” concludes Gregory LaBerge, National Director of Marcus & Millichap’s National Hospitality Group.
With an industry-leading investment team located in more than 35 strategic markets, Marcus & Millichap’s National Hospitality Group sold 99 hospitality assets in 2013 and is currently marketing for sale more than 150 hotels nationally.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com