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 Holiday Inn Express & Suites, a four-story, 100-room property located in West Melbourne, Florida.
“This transaction clearly represented the out-of-state demand for Florida hotels. Our top eight offers came from eight different states,” said Leo Reilly, investment associate in the Marcus & Millichap Fort Lauderdale office. “The sale process also helped reinforce our suspicion that the current value premium extends to hotels driven by corporate demand and leisure.”
Reilly, along with Robert Hunter and Scott Havericak, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Reilly and Hunter also procured the buyer, a limited liability company based in Massachusetts.
“Like much of the State of Florida, the Space Coast region is high growth and has shown resilience since the start of the pandemic. Due to positive trends and strong fundamentals, the competitive buyers valued this hotel beyond any historical metric would justify,” added Hunter.
Holiday Inn Express & Suites is conveniently located off major thoroughfares, including US-192, Interstate 95 (I-95), and Highway 500. Built in 2018, the property amenities include an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space, and laundry facilities.
Holiday Inn Express & Suites West Melbourne is located at 2255 W Coastal Lane, West Melbourne, Florida, with standard room rates starting around $199 a night.
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