Marcus & Millichap has facilitated the sale of the 212-room Travelodge by Wyndham – New Orleans West for $4,495,000. David Altman, first vice president of investments at Marcus & Millichap said “We leveraged RI Marketplace auction platform to generate significant interest in this great property with nearly 10 registered bidders. This reflects a high level of demand and investor confidence in the hotel industry.”
Altman had exclusive listing rights to market the property for seller Hong Park from New York. He collaborated with Adam Sklaver and Philip Kates from Marcus & Millichap’s commercial property auction division on this successful transaction. Ronak Patel from Missouri purchased the hotel which was built in 1971 while Chris Shaheen assisted with closing as Broker of Record for Louisiana at Marcus & Millichap’s firm. The buyer plans to invest over $1 million renovating this hotel enhancing guest experience further .
