Marcus & Millichap finalized the sale of Microtel Inn & Suites Gonzales, a 53-key hospitality property in Gonzales. A team of Houston-based Andrew B. Frosch and Joseph Manuel, Dallas-based Chris Gomes and Austin-based Allan Miller marketed the property on behalf of the seller, a private investor.
“We marketed the hotel at the beginning of March amongst the ongoing COVID-19 pandemic and oil prices plunging to multi-year lows,” said Manuel. “During this time, we received several offers from in-state and out-of-state investors.
“The buyers were a local group from Texas that understood the market and seized on an upside opportunity to expand their business portfolio,” he continued. “We helped the buyers secure an SBA loan before the end of this month to qualify for the COVID-19 SBA debt relief.”
The buyers, a private investment group, were secured and represented by Frosch, Miller, and Gomes.