KARNES CITY, TX, December 19, 2024 – 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 Instalodge Hotel and Suites Karnes City, a 124- room hospitality property located in Karnes City, Texas, according to Bruce Bentley, regional manager of the firm’s Austin and San Antonio offices.
Allan Miller, senior managing director in Marcus & Millichap’s Austin and San Antonio offices had the exclusive listing to represent the seller. Working as a team, Skyler Cooper, senior vice president in Marcus & Millichap’s Dallas and Houston offices, successfully secured the buyer, an in-state limited liability company. Chris Gomes, executive managing director in Marcus & Millichap’s Dallas and Houston offices, was listed on the transaction as a supporting broker.
The Instalodge Hotel and Suites Karnes City is a 124-room Hotel built in 2014 and stationed at 2467 US-181 in Karnes City, Texas, just off Highway 181. Located within the heart of the Eagle Ford Shale, a key oil and gas-producing region in South Texas, Instalodge Hotel and Suites Karnes City is positioned to benefit from the continued growth of energy production in the area. The Eagle Ford Shale, which has experienced a strong recovery in recent years, is projected to see further investment and activity through 2025, driven by rising energy prices, advanced drilling technologies, and a favorable business environment. The Karnes City area, in particular, remains a strategic location for industry players and offers significant long-term potential for both hospitality and commercial real estate.
Allan Miller commented, “Since 2008, we have had 19 closings in cities directly in the Eagle Ford Shale. We are expecting a steady increase in investor activity in this market over the next several years.”
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 600 hotels across the nation since its inception. The team has 70 active listings across 20 states, 21 hotels under contract, and closed 83 transactions in 2023.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
