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 Suites, a 70-room hotel in Indianapolis, Indiana. The three-story hotel sold for $7,100,000.
“This was a smooth transaction despite rising interest rates and economic uncertainty,” said Scott Havericak, first vice president investments. “We executed an expedited CMBS loan defeasance for the seller, and the buyers are excited for the opportunity to own and operate the hotel in a growing airport market.”
Havericak and Robert S. Hunter, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Vinsar Hotels LLC. The buyer, Singh Estate LLC, was also procured by Havericak and Hunter. Josh Caruana, Marcus & Millichap’s Broker of Record in Indiana, assisted in closing the transaction. Comfort Suites is located at 2750 Fortune Cir. W. sitting directly off Interstate 465 and adjacent to Indianapolis International Airport. The hotel, totaling 84,506-square-feet, was built on a 1.94-acre site in 2009. Hotel amenities include a business center, fitness center, indoor pool, and complimentary breakfast.
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.