Marcus & Millichap and DSH Hotel Advisors have arranged the sales of hotels in Florida and New York.
Marcus & Millichap closes on sale of Martinique New York on Broadway
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has closed on the sale of Martinique New York on Broadway, Curio Collection by Hilton, a 531-room landmark hotel on the corner of 32nd St. and Broadway in Manhattan. The asset was purchased for $55.5 million with an approximated total development cost of $110 million.
In December 2020, Marcus & Millichap’s Eric Anton, Nelson Lee and their team were hired by the hotel’s owners, Herald Hotel Associates LP, a private, New York-based, family-run company, to sell the property. The buyer is Burnett Equities, based in Oklahoma City.
Anton and Lee introduced Burnett Equities to local retail brokers, including one who specializes in leasing Koreatown space, and the other an expert in the restaurant and hospitality industry. In under three months, the team secured leases for all six of the retail spots amid the pandemic, prior to closing the sale of the hotel.
During the marketing process, Anton utilized Mission Capital Debt & Equity, part of Marcus & Millichap Capital Corporation (MMCC). With assistance from MMCC’s Matthew Polci, Steven Buchwald, Jordan Ray and Lexington Henn, Burnett Equities secured a mortgage of $71 million and a more financeable ground lease.
DSH Hotel Advisors closes on sale of Days Inn Clearwater, FL
DSH Hotel Advisors, a national hotel brokerage and advisory firm headquartered in Tampa, reported that Dennis Hopper, managing principal and Randy Taylor, VP, investments, recently closed on the Days Inn by Wyndham in Clearwater, FL, for an undisclosed price. Hopper and Taylor represented the seller, Mega C Hospitality LLC, and the buyer, Prism Development LLC.
The Days Inn Clearwater is a 90-room hotel located six miles from Clearwater Beach and approximately 14 miles from Tampa International Airport.
“The sale of the Days Inn Clearwater was confidential and off-market,” said Hopper. “The seller wanted to take a discreet approach; therefore, we only introduced the property to a very select number of investors that we knew would be excited about the property. Since we have arguably the strongest database of hotel buyers in Florida, it creates an opportunity for our clients to leverage our network and sell their property confidentially—if that is their preferred route—while still achieving a healthy sales price. We expect that the buyer will be very successful with this property.”
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