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 Ramada by Wyndham Venice Hotel Venezia, a 146-room hospitality property located in Venice, Florida, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $13,400,000.
Over the last decade, the seller invested more than $12 million in upgrades and renovations. The hotel currently features a 10,000-square-foot meeting/event space, a state-of-the-art fitness center, outdoor heated pool with a hot tub and sundeck.
The buyer, a multifamily investor from the East Coast of Florida, recently sold an apartment complex and is using the hotel purchase to complete a 1031-Exchange.
“Now, more than ever, commercial real estate investors from multifamily, retail and other property types are investing in Florida hotels in search of more opportunities and higher yields,” said Gabriel Shamay, senior associate in Marcus & Millichap’s Fort Lauderdale office. “An influx of capital in today’s market, coupled with a lack of available hotel inventory allowed us to create a competitive environment and generate multiple offers for our seller.”
Shamay along with Christopher Passeggiata, David M. Greenberg, and Ely Silverstein, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“With the continued population migration to all parts of Florida, and companies relocating to Florida, hotel investments, across all class types, are happening at higher prices than we’ve ever experienced,” said Greenberg, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. “After running a comprehensive, competitive marketing process, we were glad to put together a successful deal together between the seller and buyer.”
Ramada by Wyndham Venice Hotel Venezia is located at 425 U.S. 41 Bypass N in Venice, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.
