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 Super 8 Gulfport Mississippi, a 95-room hospitality property located in Gulfport, Mississippi, according to Harrison E. Rein, regional manager of the firm’s Miami office. The asset sold for $4,400,000.
“The property was completely renovated and performing well. The buyer wanted a property that he can manage without any major capex. We were able to secure a buyer prior to going to auction,said,Ahmed Kabani, senior managing director. Kabani, Lucas Mondino and Suraj Dalal, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, NH Hotel LLC,an individual/personal trust.The buyer,Shreeji Hotels LLC, an individual/personal trust, was secured and represented by Ahmed Kabani, Lucas Mondino and Suraj Dalal, William Davis, Broker in Mississippi, assisted in closing this transaction.
The property was undergoing a renovation in excess of $1,000,000 in 2021. Renovations include a new roof installation, interior, and exterior paints, AC units in 75 rooms, signs, and a number of other items.The asset is equipped with a three-bedroom managers apartment along which encompasses a kitchen, living room, and dining room.
Super 8 Gulfport Mississippi is located at 9375 US 49. The subject property is a 2-story 95-room, exterior corridor hotel, with a lot size of 3.06 acres, off major thoroughfares Interstate-10 and Highway-49. The area surrounding the property hosts a variety of demand generators including Gulfport Biloxi International Gulfport Beach, Casinos, and Gulfport Harbor.
About Marcus & Millichap (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.