DENTON, TX, November 29, 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 the Two-Property Portfolio Denton, a 180-room hospitality portfolio located in Denton, Texas, according to Timothy A. Speck, regional manager of the firm’s Dallas office and broker of record for Texas and Oklahoma.
“These two hotels are located across from each other within proximity of many local and regional demand generators and have excellent in-place operations,” said Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “Our buyer is well positioned to benefit from strong occupancy and growing revenue per available room rates that are trending towards outperforming the competition.” Gomes and Marcus & Millichap broker Allan Miller represented the seller, Dallas-based Angel Hospitality Group, and procured the buyer, an out-of-state, high net-worth individual.
“Both assets recently completed property improvement programs and maintain premium brand affiliations with two of the hospitality industry’s most trusted brands,” added Miller. “The La Quinta Inn & Suites is affiliated with Wyndham Hotels & Resorts and the Holiday Inn Express & Suites with InterContinental Hotels Group.”
Two Property Portfolio Denton is located at 4465 N Interstate 35 in Denton, Texas. The 180-room portfolio was built in 2010 and spans a combined 4.23 acres.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 525 hotels across the nation since its inception. The team has over 60 active listings across 21 states with 35 assets under contract and 77 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
