LANSING, IL, September 23, 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 two Choice Hotel properties, Comfort Suites Lansing and Sleep Inn, a 133-room hospitality portfolio located in Lansing, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office.
Ebrahim Valliani, first vice president, and Michael Klar, senior associate, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor and legacy owner of 17 years. The buyer, an investment group from New York, was also secured and represented by Valliani and Klar. Allan Miller, senior vice president, and Chris Gomes, senior managing director, investment specialists in Marcus & Millichap’s Austin and Dallas offices, respectively, were also listed on the deal as supporting brokers.
“Working with an out-of-state buyer can present obstacles during the escrow period,” Valliani explained. “But our longstanding lender relationships made a good impression on the buyers and helped streamline the closing process."
Sold in the two-property Choice Hotel portfolio were Comfort Suites Lansing and Sleep Inn, located at 2235 173rd Street and 2255 173rd Street, respectively, in Lansing, Illinois.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold 536 hotels across the nation since its inception. The team has 65 active listings across 21 states with 36 assets under contract and 70 closings in 2022. Of these, the Midwest Group, comprised of Ebrahim Valliani, Michael Klar, and Michael Gantman, has secured 21 closings this year, and 102 in total.
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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.
