Marcus & Millichap : Completes Five-Property 603-Room Hospitality Portfolio Sale

DALLAS, Jan. 11, 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 a five-property, 603-room hotel portfolio located in Texas and New Mexico.

"All the assets were built in the last four years and nearly 40% by room count are specifically an extended-stay, all-suite product designed to cater to longer-term guests," said Chris Gomes, senior managing director investments in Marcus & Millichap's Dallas office. "Four of the assets are in the Dallas-Fort Worth metropolitan statistical area, one of the strongest and most diverse economies in the country, and the fifth is in Santa Fe, which sees an average of 2 million overnight visitors annually. This dynamic portfolio of hotels was developed ground-up by ICON Lodging, a boutique hotel development and management company based in Dallas, Texas, specializing in multiple segments of the hospitality industry." Gomes and Allan Miller, senior vice president investments in the firm's Austin office, represented the seller, ICON Lodging, and procured the buyer, MCR Hotels.

"MCR is a premier hotel management company and the fourth-largest hotel owner-operator in the United States," added Miller. "By purchasing these properties, MCR expands its portfolio of over 140 properties located throughout the U.S." Matthew Reeves is Marcus & Millichap's broker of record in New Mexico.

The properties are:

• A dual-branded, Home2Suites and Tru by Hilton asset with a total of 173 rooms in Euless, Texas
• Fairfield Inn & Suites Fort Worth Downtown/Convention Center, 120 rooms in Fort Worth, Texas
• TownePlace Suites by Marriott Fort Worth University Area/Medical Center, 128 rooms in Fort Worth, Texas
• Hampton Inn & Suites in Colleyville, Texas, 91 rooms
• Hampton Inn Santa Fe South, a 91-room asset in Santa Fe, New Mexico

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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 8,954 transactions in 2020 with a value of approximately $43 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.