COLUMBIA, KY, March 29, 2023 – 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 Best Western Columbia, a 50-room hospitality property located in Columbia, Kentucky, according to Timothy A. Speck, regional manager of the firm’s Dallas office and broker of record for Texas and Oklahoma.
Mitchell Presas, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, Deepak Panjabi, a private investor. The buyer, also a private investor, was secured and represented by Presas with Colby Haugness, broker of record for Kentucky, aiding in closing this transaction. Chris Gomes, senior managing director, was also listed on the deal as a supporting broker alongside senior vice presidents Allan Miller and Skyler Cooper.
“Mitchell was a great resource for market knowledge and provided me with a pricing analysis every few months to make sure I was maximizing my property’s value, regardless of whether I was looking to sell, which really made me feel like he had my best interests at heart,” Panjabi explained. “During the marketing and escrow processes, Mitchell was in constant contact with me and made sure I always knew what was going on.”
After consulting with Presas about the type of buyer he was searching for, Panjabi described that securing a strong investor for the sale of his hotel would ideally involve fielding various bids to maximize the asset’s value at closing. “Mitchell delivered on his promises in creating a multiple offer scenario on my property that not only enabled me to achieve a higher price, but also tighter terms with multiple qualified buyers,” Panjabi said. “With Mitchell’s advice and consultation, I was able to confidently award the investment opportunity to who I felt was the best buyer and, ultimately, to what lead to a very smooth transaction. I’d recommend and encourage anyone to work with Mitchell on the sale of their hotel.”
Best Western Columbia is located at 710 Bomar Heights in Columbia, Kentucky. The 50-room property was constructed in 1992 and situated on a 1.8-acre lot, just off the intersection of Highway 55 and Cumberland Parkway.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 550 hotels across the nation since its inception. The team has over 50 active listings across 18 states with 24 assets under contract and 102 closings in 2022.
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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.
