Marcus & Millichap, a leading commercial real estate investment firm, has successfully facilitated the sale of two hotels in Spokane, Washington. The dual-branded Sleep Inn and MainStay Suites were sold for $10.175 million.
According to Jared Plamann, senior associate at Marcus & Millichap, this was a unique opportunity to acquire an almost brand-new hotel in a prime location near the airport with extended-stay options. He also noted that there is ongoing development and upscale conversions happening in the area which will benefit the new owner.
The team responsible for marketing and selling this property included Plamann along with Jake Erickson, Jon Ruzicka and Joseph Ferguson from Marcus & Millichap’s Minneapolis office. Joel Deis also assisted as Broker of Record in Washington during the transaction process.
Situated on 7.26 acres at 3809 S Geiger Blvd., these hotels offer a total of 87 rooms between both Sleep Inn and MainStay Suites accommodations.
In summary:
– Marcus & Millichap has completed the sale of two hotels – Sleep Inn and MainStay Suites – located in Spokane, WA.
– The property was sold for $10.175 million.
– According to Jared Plamann (senior associate), it was rare to find such an almost brand-new hotel with extended-stay options near an airport.
– There are ongoing developments happening nearby which will benefit future owners.
– Marketing efforts were led by Plamann along with other members from Marcus & Millichap’s Minneapolis office; Joel Deis assisted as Broker of Record during closing procedures.
