HOUSTON, TEXAS, August 3, 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 Monte Carlo Inn Houston, a 170-room hospitality property located in Houston, Texas, according to Ford Noe, regional manager of the firm’s Houston office.
Andrew B. Frosch, Joseph Manuel, Chris Gomes, and Allan Miller, investment specialists in Marcus & Millichap’s Houston offices, had the exclusive listing to market the property on behalf of the seller.
The buyer, a qualified local investor, was procured by Frosch, Manuel, Gomes, and Miller. Marketing the property for less than a month, Frosch and Manuel fielded various offers from in-state and out-of-state investors before securing a buyer. The buyer, searching for an opportunity to find an up-leg for their 1031 exchange, is poised to convert the property for alternative uses. Frosch and Manuel worked diligently with the buyer to secure financing and get this deal across the finish line a month before the close of escrow date.
Monte Carlo Inn Houston is located at 12500 North Fwy, Houston, Texas 77060. The 170-room property was built in 1982.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 500 hotels nationwide. The Team has over 60 active listings across 21 states with more than 30 assets under contract and 55 closings this year.
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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.
