Marcus & Millichap : Brokers Sale of Comfort Suites in Lake Charles
January 02, 2024 at 07:31 pm
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Marcus & Millichap Brokers Sale of Comfort Suites in Lake Charles
January 02, 2024
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LAKE CHARLES, La., January 2, 2024 - 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 a 70-room Comfort Suites located in Lake Charles, Louisiana. The property sold for an undisclosed price.
Manish Sthanki, associate in the firm's Baton Rouge office, had the exclusive listing to market the property on behalf of the seller, JIPPIN, LLC, in addition to procuring the buyer, Sanjay Desai of Dayton, Ohio.
"The buyer was ultimately able to secure the sale below appraisal value with opportunities to improve operations," says Sthanki. "As the NOI improves, the buyer will benefit from his equity position."
"The asset garnered a lot of interest from local, regional and national investors," he added. "This buyer in particular utilized his experienced background, resources, and our experienced Marcus & Millichap team to secure the transaction and navigate the tough insurance and financing market."
The hotel is located at 1016 N Martin Luther King Highway in Lake Charles. Built in 2008 on 1.83 acres of land, it is highly visible from Highway 171 and is less than ten miles from Lake Charles Regional Airport, the Golden Nugget Casino, L'Auberge Casino and McNeese State University.
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About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 02 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2024 19:30:45 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. 
