BESSEMER, Ala., Oct. 4, 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 Fairfield Inn & Suites in Bessemer, Alabama, a suburb of Birmingham.
“Jefferson County and the City of Bessmer have created a pro-business climate to incentivize new developments, particularly evidenced by the highly publicized Smucker’s plant,” said Robert S. Hunter, senior vice president investments. “Despite multiple competitive new hotels on the way, the economic fundamentals of the area helped drive the sale price of this hotel.”
Hunter and McLean Hicklin, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. The Alabama-based buyer was also procured by Hunter and Hicklin. Eddie Greenhalgh, Marcus & Millichap’s Broker of Record in Alabama, assisted in closing the transaction.
The Fairfield Inn & Suites is located at 4980 Academy Court and is just off Interstate 20 and Interstate 65. The property is situated less than seven miles from the incoming J.M. Smucker Co. Development.
The hotel was built in 2007 and the buyer will be required to complete a major renovation post-closing. Hotel amenities include a business center, fitness center, indoor pool, and complimentary breakfast.