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 Best Western in Tampa, Florida. The 54-room midscale hotel sold for $7,575,000.
“The hotel sold within $25,000 of list price to a partnership based primarily in Maryland and California, who put a premium on investing in the Tampa MSA,” said Robert Hunter, senior vice president investments. “Due to the market’s desirability and the hotel’s performance, we did not encounter any negative impact on value amid prevailing market conditions. It commanded a higher value than we would have expected in 2022.”
Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a locally based LLC and secured the buyer, an out-of-state limited liability partnership.
The three-story hotel built in 2000 is located at 734 S Dale Mabry Highway. It is favorably located near a multitude of demand generators, including Downtown Tampa, Raymond James Stadium, Tampa Convention Center, and the Tampa International Airport. The hotel offers amenities such as complimentary breakfast, a fitness and business center, and swimming pool.
About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.