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 Microtel Inn & Suites Gonzales, a 53-room hospitality property located in Gonzales, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.
Andrew B. Frosch, First Vice President Investments, Joseph Manuel, 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 marketed the hotel at the beginning of March amongst the ongoing COVID-19 pandemic and oil prices plunging to multi-year lows. During this time, we received several offers from in-state and out-of-state investors. The buyers were a local group from Texas that understood the market and seized on an upside opportunity to expand their business portfolio. We helped the buyers secure an SBA loan before the end of this month to qualify for the COVID-19 SBA debt relief” said Manuel. The buyers, a private investment group, were secured and represented by Andrew B. Frosch, Allan Miller and Chris Gomes.
Microtel Inn & Suites by Wyndham Gonzales has 53-rooms, interior corridor and is an economy hotel built in 2013. It is located at 2019 Water Street in Gonzales, 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.
