Marcus & Millichap : Announces the Sale of 105-Room Hotel in Jacksonville, Florida for $5.5 Million
January 12, 2023
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Marcus & Millichap Announces the Sale of 105-Room Hotel in Jacksonville, Florida for $5.5 Million
January 13, 2023
JACKSONVILLE, Fla., Jan. 13, 2022 - 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 Days Inn Baymeadows, a 105-room hotel located at 8255 Dix Ellis Trail in Jacksonville, Florida for $5,500,000.
"The buyer saw the opportunity in converting two hotels directly next to each other into Multifamily apartments. The process had its challenges, but we were able to navigate through it and close the deal. We are grateful to both the buyer and seller. ".", said Ahmed Kabani, senior managing director. Kabani and Lucas Mondino, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, Ravi Hotels LLC. An out-of-state buyer purchased the property, Jacksonville Portfolio Opportunity II LP LLC.
Built in 1982, the Days Inn Baymeadows features three two-story buildings on a 1.71-acre site. The hotel is conveniently located close to Saint Vincent Medical Center, EverBank Field, Jacksonville Beach, and the University of North Florida. It is also just 30 minutes from JAX Airport and provides easy access to I-95 and I-295. Hotel amenities include free Wi-Fi, an outdoor pool, laundry facilities, free breakfast, mobile check-in, and on-site parking.
The Jacksonville metro area is expected to welcome 105,800 new residents through 2024. The metro is home to three Fortune 500 companies, including Fidelity National Information Services, Fidelity National Financial, CSX, and the Jacksonville Port Authority (JAXPORT). This sale represents the 16th successful hotel transaction in 2022 for the Kabani Hotel Group, totaling over $132 million in sales.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2023 20:30:06 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
