Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Motel 6 #385 Conroe, a 123 room motel located at 820 Interstate 45 South, Conroe, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office.
Michael Yu, Rahul Bijlani, Eric Guerrero and Tyler Bean, investment specialists in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, ACCOR North America. Within a three week timeline, the group secured multiple offers at the full list price. The ultimate buyer secured was a local Houston based investor that closed the transaction in two months with a significant amount of non-refundable earnest money day one of the contract.
This sale represents the second transaction the group closed with the seller this year and the tenth transaction overall this year. They currently have six hotels in escrow with 17 listings spread across Texas. With the market improving, the group has the ability to create a market for sellers by securing multiple offers from qualified buyers that will lead to the highest price and best terms for the seller. They are the most dominant hotel broker in Texas at Marcus & Millichap, closing 72 percent of all hotel transactions in Texas compared to other Marcus & Millichap agents from 2011 to July 2012.
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. www.MarcusMillichap.com.