MARCH 30, 2021 | Citybiz

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 OYO Townhouse Houston, a 97-room hospitality property located in Houston, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office. The asset was listed for $2,250,000.

Andrew B. Frosch, First Vice President Investments, Louis Dan, Associate, 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.  “A local Houston buyer seized on an upside opportunity to expand his business portfolio with plans to convert this independent hotel into a national franchise brand. Although COVID-19 has impacted hospitality lending, we helped the buyer secure financing,” said Frosch. The buyer, an individual/personal trust, was secured and represented by Andrew B. Frosch, Allan Miller, and Chris Gomes.

OYO Townhouse Houston is a short-sale distressed asset. The 97-room, four-story, interior corridor hotel was built in 1996 with owner’s apartment on site. It is located at 12701 North Freeway in Houston, 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.