Marcus & Millichap Arranges Loan for FL Hotel Buy
- Nov 07, 2017
Marcus & Millichap Capital Corp. arranged a $15.9 million loan for the acquisition of two hotels located in Apopka, Fla. The assets—a Hampton Inn & Suites and a Holiday Inn Express & Suites—changed hands for $17.1 million.
“The sale underscores the strength of the Orlando hospitality market, where high average daily rates and revenue per available rooms are attracting the interest of experienced hospitality property investors. The price was based on the outstanding performance of the hotels plus the potential upside the improvements will bring,” said Ahmed Kabani, first vice president of investments with Marcus & Millichap, who represented the seller and procured the buyer.
The two properties, which were completed in 2010, offer a total of 158 units: The Hampton Inn hotel counts 81 keys, while the Holiday Inn has 77 units. They are less than 15 miles from Orlando, close to popular theme park, Amway Center and Wekiwa Springs State Park, as well as several golf courses.
Marcus & Millichap Director Robert Bhat secured the financing, of which $2 million will be used for upgrades.
Image courtesy of Marcus & Millichap