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 Comfort Inn Plymouth, a three-story, 67-room hotel located conveniently off Route 3, the main highway leading to Cape Cod. The asset sold for $5,850,000.
Marcus & Millichap is honored to be selected as the first ever exclusive broker for the sale of the Comfort Inn Plymouth Massachusetts. Investment sales team based in the firm’s Manhattan office led by Jerry Swon, alongside Daniel Zagoria and Cameron Pierce, represented both the buyer and seller. The family trust had owned and operated the property for decades, operating as an independent motel before redeveloping the site to a Comfort Inn 20 years ago.
“There was a tremendous amount of pride in ownership at the hotel, which has always been kept in immaculate condition, above and beyond brand standards. The former owners plan to relax and look forward to taking a step back from the day to day hustle of operating the hotel.” says Zagoria.
“Plymouth, Massachusetts is a truly unique real estate market that continues to evolve into the future while maintaining the charm of it’s past. The tremendous amount of new development and plethora of events celebrating the history of America, including the 400 year anniversary of the Mayflower landing at Plymouth rock in 1620, generated widespread interest in the opportunity to purchase the property.“ adds Swon.
“A diverse array of investor profiles from across the country produced written offers and allowed us to create a competitive environment, eventually driving the market to a sale price within 2.5% of our asking price.“ says Zagoria.
“The purchasing group has been working with our team for years looking for the right opportunity to invest in a hotel near Boston and Cape Cod, and we are very pleased to finally complete that goal with them. After acclimating themselves to their new purchase, they plan to convert the hotel to a Holiday Inn Express in time for the 400 year anniversary in 2020.”
The hotel is located approximately 40 miles from Boston Logan International Airport and franchised under Choice Hotels, one of the largest and most successful lodging companies in the world. Choice currently franchises more than 6,300 hotels, representing more than 500,000 rooms in 35 countries and territories.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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.
