SATSUMA, Ala., Oct. 20, 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 La Quinta Inn & Suites in Satsuma, Alabama, a suburb of Mobile. The three-story, 79-room hotel sold for $3.3 million.
“Through our marketing efforts, we were able to locate a buyer from the Midwest,” said David Altman, First Vice President Investments. “The buyer saw a unique opportunity to relocate to Alabama as well as increase the value of this asset through renovation and hands-on revenue management.”
Altman, Robert S. 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, Meenal LLC. The buyer, SRI SAI Hospitality Group LLC, was also procured by Altman, Hunter, and Hicklin. Eddie Greenhalgh, Marcus & Millichap’s Broker of Record in Alabama, assisted in closing the transaction.
The La Quinta Inn & Suites is located at 6104 U.S. 43rd N. and sits between Interstate 65 and U.S. Highway 43. The property is situated near many factories including Allied Steel, SSAB Alabama Inc., and Shell Chemical LP.
The hotel, totaling 12,893-square-feet, was built on a 2.96-acre site in 2009. Hotel amenities include a business center, fitness center, outdoor pool, and complimentary breakfast.
Marcus & Millichap Inc. published this content on 20 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2022 22:09:01 UTC.