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 La Quinta Inn & Suites Karnes City, a 69-room hospitality property located in Karnes City, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office. The asset had a listing of $5,450,000.
Andrew B. Frosch, First Vice President Investments in Marcus & Millichap’s Houston office, Allan Miller, Senior Vice President Investments in Marcus & Millichap’s Austin office and Chris Gomes, Senior Managing Director Investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was from Texas and seized on a unique opportunity to diversify his business portfolio to acquire his first hotel. We helped the buyer secure favorable financing and franchise terms in his purchase of this high performing La Quinta Inn & Suites. The buyer was represented by Andrew B. Frosch, First Vice President Investments, Allan Miller, Senior Vice President Investments, Chris Gomes, Senior Managing Director Investments and Joseph Manuel, Associate in Marcus & Millichap’s Austin, Dallas, Houston office.
La Quinta Inn & Suites Karnes City is well positioned with excellent visibility from Business Highway 181, it is four miles from the Kenedy Regional Airport and adjacent for one acre of land for truck parking included in sale. It is located at 1025 South State Highway 123 in Karnes City, Texas.
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 9,726 transactions in 2019 with a value of approximately $50 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.
