SAGINAW, Mich., May 24, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the acquisition of a three-hotel Marriott portfolio in Saginaw, Michigan for an undisclosed list price.
The portfolio consists of a 73-room TownePlace Suites, a 79-room Springhill Suites Saginaw, and a 68-room Residence Inn.
“The transaction was a significant sale for the region, which is still trying to recover from the effects of Covid-19. Although the hotels had not fully returned to their pre-Covid performances, the quality of the assets and franchise affiliations gave the buyers confidence that the market will return and these hotels will continue to be the market leaders,” Scott Havericak, senior associate.
Havericak and Robert Hunter, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. Hunter and Havericak also procured the buyer, a diverse real estate company out of the Midwest.
TownePlace Suites is a 4-story property built in 2013, located at 5368 Cardinal Square Blvd., west of Interstate 675, providing ease of access for commerce and tourism. Springhill Suites Saginaw opened in 2009 and is located at 5270 Cardinal Square Blvd. Residence Inn opened in 2005 and is located at 5230 Cardinal Square Blvd.
All three properties are located less than one mile from Interstate 675, providing ease of access for commerce and tourism. The hotels are ideally situated near Saginaw Valley State University, shopping, dining, entertainment and big-box retailers, including Target, Hobby Lobby, and Home Depot.
Steven Chaben, broker of record in Marcus & Millichap’s Detroit office, assisted in closing the transactions.
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, 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.