Marcus & Millichap led the sale of the 60-room, Holiday Inn Express & Suites located at 112 Airport Rd. W. in Fort Payne and the 70-room, Holiday Inn Express & Suites Gadsden West Near Attalla located at 106 Walker St. in Gadsden. The two properties sold for a combined price of $13.5 million.
“The Northeast Alabama hospitality industry, including Gadsden and Fort Payne, showed as much resiliency through the COVID-19 pandemic as any market we have analyzed that wasn’t primarily leisure-driven. The strength of the market contributed directly to this transaction,” said Robert Hunter, first vice president investments.
Hunter, David Altman, and McLean Hicklin had the exclusive listing to market both properties on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company based in Georgia.
The majority of the property improvement plan renovations had been completed prior to the sale of both three-story, interior corridor properties.
