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 Comfort Suites Near NASA - Clear Lake, a 58-room hospitality property located in Webster, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
Andrew B. Frosch, First Vice President investments, Louis Dan, Associate, in Marcus & Millichap’s Houston office, Chris Gomes, Senior Managing Director Investments in Marcus & Millichap’s Dallas office and Allan Miller, Senior Vice President Investments in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a private investor. “We began our marketing process in early April, amidst the pandemic and during one of the most volatile markets, and successfully received multiple offers from local and out-of-state investors.” said Dan, “Ultimately, the out-of-state investors offered the highest price for the asset and secured an SBA Loan before the end of this month to qualify for the SBA debt relief. The hotel’s historical performance, while being the only Choice branded hotel within the submarket, allows us to believe that this asset will be well positioned to recover quickest when corporate and leisure travel returns to normal.” The buyer, a private investor, was secured and represented by Andrew B. Frosch, Allan Miller and Chris Gomes.
Comfort Suites Near NASA - Clear Lake is located at 16931 North Texas Avenue in Webster, Texas. The 58-room, interior corridor, upper midscale hotel built in 2006 is the only Choice Hotels International-branded hotel within the city (Webster) and surrounding cities. Major renovations completed for move to modern PIP hotel.
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.
