LONDON, KY, February 15, 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 Country Inn & Suites by Radisson London, a 75-room hospitality property located in London, Kentucky, according to Mark R. McCoy, regional manager of the firm’s Dallas office.
Mitchell Presas, an associate in Marcus & Millichap’s Dallas 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 Mitchell Presas. Executive managing director, Chris Gomes, and senior vice president, Skyler Cooper, in the firm’s Dallas office, were listed on the deal as supporting brokers alongside Allan Miller, senior managing director, in the firm’s Austin office. Grant Fitzgerald, the firm’s broker of record in Kentucky, assisted in facilitating the closing of this transaction.
Country Inn & Suites by Radisson London is located at 2035 KY-192 in London, Kentucky. The 75-room, three-story hotel is situated off Interstate 75 and maintains various common area amenities, including an indoor heated pool, fitness center, meeting space, banquet rooms, and a business center.
“Mitchell and his team did a great job during the marketing process in bringing me the widest market possible and keeping me informed on the overall market feedback and buyer sentiment,” explained the seller, Viral Patel. “Mitchell was able to leverage his expertise in buying and selling hotels to bring multiple offers that enabled me to achieve a great price, better terms, and with a motived out of state 1031 exchange buyer. During escrow, a few matters popped up that could have easily derailed things, but Mitchell was able to manage through with the buyers without my involvement. I’d highly recommend and encourage anyone to work with Mitchell on the sale of their hotel.”
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 600 hotels across the nation since its inception. The team has 50 active listings across 22 states, 16 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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
