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 Baymont Inn & Suites Johnson City, a 91-room hospitality property located in Johnson City, Tenn. The asset sold for $2.6 million, according to Benjamin Yelm, regional manager of the firm’s Charleston office.
Eric Webster, Jack Davis, Joce Messinger and Josh Williams investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The listing team also represented the buyer, another private investor. Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing this transaction.
“Due to our past experience in the Johnson City market, we were able to secure a first-time hotel buyer from out of state who had previously shown interest in assets similar to the subject property,” noted Webster.
Built in 1975, Baymont Inn & Suites Johnson City is located at 2606 N. Roan St., which is in significant proximity to U.S. Route 19 West. In 2018, its previous owners executed several property renovations, including carpet replacement in its units, lobby and meeting room.
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.
