ALBUQUERQUE, NM December 17, 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 the Potential Hotel or Multifamily Conversion Opportunity - ABQ, a 168-room hospitality property located in Albuquerque, New Mexico, according to Mark McCoy, regional manager of the firm’s Dallas and Fort Worth offices.
Chris Gomes, executive managing director in Marcus & Millichap’s Dallas and Houston offices and Tulsee Nathu, first vice president investments in Marcus & Millichap’s Palo Alto office, had the exclusive listing to represent the seller, an out-of-state private investor. Gomes and Nathu also procured the buyer, an out-of-state limited liability company. Allan Miller, senior managing director in Marcus & Millichap’s Austin and San Antonio offices, was listed on the transaction as a supporting broker. Ryan Sarbinoff, regional manager, and the firm’s broker of record in New Mexico, assisted in facilitating the closing of this transaction.
The Potential Hotel or Multifamily Conversion Opportunity - ABQ is three-story, 168-room hotel positioned at 7620 Pan American Freeway Northeast in Albuquerque, New Mexico, just off a stretch of Interstate 25 that records nearly 140,000 vehicles per day. The Hotel maintains several common area amenities including an on-site restaurant & bar, business center, fitness center, outdoor pool, onsite retail store, and meeting space. The building is currently closed and not in operation.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 600 hotels across the nation since its inception. The team has 88 active listings across 20 states, 20 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.
