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 EconoLodge Florida City, a 50-room hospitality property located in Florida City, Florida for $4,500,000.
“The pace of which the property went from list to close speaks to the continued demand of Florida’s hospitality market. We were able to secure multiple offers and leverage the best pricing and terms for the seller which ended up being from a principal represented by a broker outside the firm. As this was an out of country first-time hotel buyer, our team aided them throughout the transaction and franchise application process,” said Ahmed Kabani, senior managing director investments. Kabani and Suraj Dalal, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
EconoLodge Florida City is located at 1223 Northeast 1st. The subject property is a 2-story, 50-room exterior corridor hotel, built in 1970, with a lot size of 1.4 acres.The asset is positioned strategically off major highway US-1 allowing it to be seen by visitors entering Florida City which is also known as the Gateway to the Florida Keys.
The area surrounding the property hosts a variety of demand generators including the Homestead-Miami Speedway, Everglades National Park, Homestead Bayfront Park, and the Florida Keys.
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.