December 21, 2020
Marcus & Millichap closed the sale of Sleep Inn & Suites Jourdanton-Pleasanton, a 65-room hospitality property in Jourdanton. Deal terms weren’t disclosed.
Houston-based first VP investments Andrew B. Frosch and associate Joseph Manuel, Dallas-based senior managing director Chris Gomes and Austin-based SVP investments Allan Miller—all of Marcus & Millichap’s Miller-Gomes Hotel Team—marketed the property on behalf of a private investor.
“We started the marketing process in August amongst the ongoing COVID pandemic and oil prices dropping to multi-year lows,” said Manuel. “We received multiple offers from in-state and out-of-state investors.”
He continued, “The buyers were a local group from Texas that understood the market and seized on an upside opportunity to expand their business portfolio. Although COVID has impacted hospitality lending, we helped the buyers secure financing with an SBA loan.”
The buyers, a private investment group, were secured and represented by Frosch, Miller, Gomes and Manuel.
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Tags: Broker, Hospitality, Sale
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