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 Best Western Apalach Inn, a two-story, 42-room hotel in Apalachicola, Florida. The property sold for $4.3 million.
“Our sellers are the original developers who ran the hotel as a family business for decades. As we had an existing long-term relationship with the sellers, they entrusted us to run a targeted marketing process to yield the highest price while mitigating any concerns about business interruption or staffing implications,” said Gabriel Shamay, vice president investments. “Through leveraging our existing relationships and targeting credible buyers, we successfully generated multiple offers and ultimately sold the hotel for full list price. We are excited to help the sellers capture their equity and move onto the next project.”
Shamay, David Greenberg, Christopher Passeggiata, 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. The buyer, a local private investor, was also procured by Shamay, Greenberg, Passeggiata, and Silverstein.
Best Western Apalach Inn is strategically located within one mile of Historic Apalachicola, within three miles of Apalachicola Regional Airport, less than a mile from George E. Weems Memorial Hospital and local parks.
Located at 249 US-98, the Best Western Apalach Inn is easily accessible via the major thoroughfare U.S. Highway 98. Hotel amenities include a fitness facility, outdoor pool, and guest laundry.
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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
