Connect CRE | September 9, 2022
OKEMOS, MI, September 9, 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 & Suites by Hilton East Lansing/Okemos, a 100-room hospitality property located in Okemos, Michigan, 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 limited liability company. The buyer, also a limited liability company, was secured and represented by Valliani and Klar, with Steve Chaben, Michigan regional manager and broker of record, providing assistance in closing this transaction. Allan Miller, senior vice president, and Chris Gomes, senior managing director, investment specialists in Marcus & Millichap’s Austin and Dallas offices, were also listed on the deal as supporting brokers.
“There is an increase in demand for Hilton and Marriott assets in the Midwest (Illinois, Indiana, Wisconsin and Michigan),” Valliani explained. “This was the third property that we sold for this group in the past 90 days with over $20 million in volume.”
Hampton Inn & Suites by Hilton East Lansing/Okemos is located at 2200 Hampton Place in Okemos, Michigan. The 100-room property was built in 2002 and is located less than 10 minutes from Michigan State University.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 525 hotels across the nation since its inception. The team has over 70 active listings across 21 states with 33 assets under contract and 63 closings this year. Of these, the Midwest Group, comprised of Ebrahim Valliani, Michael Klar, and Michael Gantman, has secured 18 closings this year and 99 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.
