Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Hilton Garden Inn Dallas/Richardson, a four-story, 125-room select-service hotel in Richardson, Texas.
“The hotel provides an attractive option for travelers associated with The University of Texas at Dallas and State Farm’s headquarters, and it’s also in the immediate vicinity of Telecom Corridor, which provides a diverse array of corporate users,” said Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “This advantageous location provides the property with insulation from new supply being added in Richardson.” Gomes and Allan Miller, senior vice president investments, represented the seller, a Texas-based LLC.
“The property generated strong top-line revenue in 2018 despite being under major renovation,” noted Miller. “In the coming years, top-line performance is expected to continue and outperform the market.”
Built in 2008, the Hilton Garden Inn Dallas/Richardson is south of President George Bush Turnpike, one mile from The University of Texas at Dallas, two miles from U.S. Route 75, the Central Expressway, and 10 miles from Galleria Dallas. The hotel is part of the Telecom Corridor, a six-mile strip along the Central Expressway where there are more than 600 technology companies and over 25 million square feet of office space.
About Marcus & Millichap (NYSE: MMI)
With nearly 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
