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 Abingdon, a 65-room hospitality property located in Abingdon, VA. The asset sold for $5 million, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office.
David Wiener, an investment specialist in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Wiener also secured the buyer, another limited liability company. Benjamin Yelm, Marcus & Millichap’s broker of record in Virginia, assisted in closing this transaction.
“This hotel represents the third property in the last two years where we have exclusively represented the seller. We are honored that they continue to place their trust in our abilities,” said Wiener. “As the hospitality sector continues to recover, we were able to secure a buyer with local ties and generate a very strong revenue multiplier for our client.”
Comfort Suites Abingdon I-81 is located at 1093 Old Berry Dr. in Abingdon, VA. Built in 2005, the property is within a half-mile of I-81 and approximately 15 miles from the future Bristol, VA-based HardRock Hotel & Casino, which is estimated to bring in an additional four million annual visitors to the area.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
