June 18, 2020
Marcus & Millichap’s Miller-Gomes Hotel Team arranged the sale of Plaza Inn Corpus Christi, a 105-room hospitality property in Corpus Christi. The hotel is positioned less than four miles from the Corpus Christi International Airport.
Andrew B. Frosch, first VP investments in Marcus & Millichap’s Houston office; Allan Miller, SVP investments in the Austin office; Chris Gomes, senior managing director investments in the Dallas office; and Joseph Manuel, associate in the Houston office, marketed the property on behalf of the seller, a private investor.
The buyers seized on an upside opportunity to expand their business portfolio, with plans to convert this independent hotel into a national franchise brand. Although COVID-19 has impacted hospitality lending, the Marcus & Millichap team helped the buyers secure financing. The buyers, a private investment group from Texas, were secured and represented by Frosch, Miller and Gomes.
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