Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Fairfield Inn & Suites near the University of Central Florida in Orlando, Florida. The 112-room hotel, constructed in 2016, sold for $21,250,000 or $189,732 per room. The Buyer anticipates their post-closing PIP renovation to cost approximately $1,900,000.
“This sale is a prime example of how stable hotels in strong submarkets with robust demand drivers have retained value in 2023, particularly in Florida. Despite challenges with debt, insurance and general uncertainty, this hotel gained value from 2022 to 2023,” said Robert S. Hunter, senior vice president.
Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Seller, a Tampa-based developer, HG Management and procured the Buyer, Lodgco Hospitality, based in Grand Rapids, MI with a strong and growing presence in Florida.
“College markets are perceived to be downturn resistant, and the Buyer is confident in their ability to capitalize on the growth of UCF and build on the stability established by the management of Naples Hotel Group,” added Hunter.
Located at 3420 Lake Lynda Drive, this five-story hotel is situated 1.5 miles from the University of Central Florida. It is also strategically positioned near major demand generators, including Universal Studios, Walt Disney World Resort, and the Orlando International Premium Outlets.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
About Lodgco
Lodgco Hospitality is a Grand Rapids, Michigan based hospitality ownership/management company currently operating 18-hotels within their portfolio, including Hilton, Marriott, and Hyatt hotels. Lodgco Hospitality operates hotels in Michigan. Florida and Colorado.
