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 Plaza Inn Corpus Christi, a 105-room hospitality property located in Corpus Christi, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
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 Chris Gomes, Senior Managing Director Investments Marcus & Millichap’s Dallas office and Joseph Manuel, Associate in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyers were a group from Texas and seized on an upside opportunity to expand their business portfolio with plans to convert this independent hotel into a national franchise brand. Although COVID-19 has impacted hospitality lending, we helped the buyer secure financing. The buyers, a private investment group, were secured and represented by Frosch, Miller, and Gomes.
Plaza Inn Corpus Christi is located at 2021 North Padre Island Drive in Corpus Christi, Texas. The hotel is positioned less than four miles from the Corpus Christi International Airport and has excellent visibility from Highway 358. Many key industries such as healthcare and social assistance, accommodation and food service, and retail trade are in the region.
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.
