Marcus & Millichap recently facilitated the sale of a SureStay Plus Hotel in Minot, North Dakota. The property was acquired by an undisclosed buyer through the efforts of Jon Ruzicka, first vice president investments, and Joseph Ferguson, investment specialists from Marcus & Millichap’s Minneapolis office.
The 74,000-square-foot hotel is situated on 1.71 acres at 900 24th Avenue SW and features amenities such as an indoor swimming pool and fitness center. According to Ruzicka, certain markets in North Dakota are highly desirable due to their competitive pricing compared to other areas in the country.
Despite facing challenges with financing from multiple lenders due to its value-add component, Ruzicka expressed satisfaction with finding a buyer who was willing to invest in the property’s potential for improvement. The new owner plans on implementing exciting changes including a comprehensive renovation and rebranding for the hotel.
This transaction marks another successful deal for Marcus & Millichap as they continue their track record of brokering profitable sales within this region.
