BATON ROUGE, LA, September 13, 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 Comfort Inn & Suites - Baton Rouge Airport, a 77-room hospitality property located in Baton Rouge, Louisiana, according to Joseph W. McKibben, regional manager of the firm’s Baton Rouge office.
Manish D. Sthanki, associate, an investment specialist in Marcus & Millichap’s Baton Rouge, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an out-of-state limited liability company, was secured and represented by Matt Omansky, senior associate, and an investment specialist in Marcus & Millichap’s Austin office. Allan Miller, senior vice president, and Chris Gomes, senior managing director, investment specialists in Marcus & Millichap’s Austin and Dallas offices, respectively, were also listed on the deal as supporting brokers.
“The buyer was a first-time hotelier based out of the West Coast,” Sthanki explained. “Despite the difference in geography, communication was fluid and allowed for effective deliberation between all parties.” Omansky concluded that “the deal closed with few disruptions to the escrow process and the buyer was able to secure the property at a price well below replacement costs.”
Comfort Inn & Suites - Baton Rouge Airport is located at 2949 Varsity Street in Baton Rouge, Louisiana. The 77-room property was built in 2000 and situated on a 1.4-acre lot.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 532 hotels across the nation since its inception. The team has over 60 active listings across 21 states with 35 assets under contract and 67 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.
