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 Plusin Palm Beach Gardens, Florida. The 83-room, four-story hotel sold for $12,030,000.
“This sale was a great representation of the value premium attached to highly desirable locations with strong fundamentals,” said Robert S. Hunter, senior vice president investments. “The hotel will require a post-closing renovation and the sale price was well beyond what any measurable historical metric would justify.”
Hunter, Leo Reilly and McLean Hicklin, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a large Southeast Florida-based development and management company. The buyer, a Louisiana and Florida-based partnership, was also procured by Reilly, Hunter, and Hicklin.
Best Western Plus is located at 11360 U.S. Highway 1.The hotel is a short distance fromworld-class golf courses, the Atlantic Ocean and downtown West Palm Beach,a migration point for many financial services firms. Hotel amenities include banquet and conference facilities, a business center, a fitness center, and an outdoor pool.
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.
