VICTORIA, TEXAS, July 28, 2022 – 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 Hampton Inn Victoria, a 68-room hospitality property located in Victoria, Texas, according to Ford Noe, regional manager of the firm’s Houston office.
Andrew B. Frosch and Joseph Manuel, investment specialists in Marcus & Millichap’s Houston offices, had the exclusive listing to market the property on behalf of the seller, Andrew Lai.
"Joseph and Andrew were great to work with and really helped [me] navigate through a volatile economic situation,” Lai commented. “They maintained a professional relationship between both buyers and sellers."
The buyers, Harsh and Birju Patel from BH Hospitality Management, were procured by Frosch and own a vast portfolio of Hilton properties throughout Texas. Seizing the opportunity to capitalize on their shared expertise in Hilton-branded properties, the pair's strategy is to significantly add value to the property through the completion of the property improvement plan and stronger management tactics.
“Andrew and his team went above and beyond to get this deal to the finish line for us,” Patel noted. “[It was our] first time doing a deal through Marcus & Millichap and [we] hope to do many more."
Hampton Inn Victoria is located at 7006 N Navarro Street in Victoria, Texas. The 68-room property was built in 2005.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 500 hotels across the nation. The Team has over 60 active listings across 21 states with more than 30 assets under contract and 50 closings this year.
# # #
About Marcus & Millichap (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.
