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 Roanoke Inn & Suites, a 58-room hotel located in Roanoke, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
Andrew B. Frosch, First Vice President Investments in Marcus & Millichap’s Houston office, Chris Gomes, Senior Managing Director Investments in Marcus & Millichap’s Dallas office and Allan Miller, Senior Vice President Investments in Marcus & Millichap’s Austin office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Chris Gomes and Allan Miller.
“The listing team procured multiple offers within hours of listing the subject hotel and the asset went into escrow within a couple of days after the start of marketing, with the winning bidder depositing a substantial amount of non-refundable earnest money at execution of the purchase contract. The transaction closed in just 30 days” says Gomes.
“There is significant demand for economy/mid-scale hotels in DFW MSA. This segment of the industry fared well during Covid” added Miller.
Best Western Roanoke Inn & Suites is located at 337 Dorman Road in Roanoke, Texas.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
