News: Front Section
Posted: January 15, 2016
Marcus & Millichap arranges $24 millon sale of Holiday Inn Express
Holiday Inn Express & Suites, 280 Friend Street - Boston, MABoston, MA Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of the 72-room Holiday Inn Express & Suites for $24.5 million.
Tim Thompson, Marcus & MillichapHelen Zaver and Brian Munn, vice presidents investments in Marcus & Millichap’s Atlanta office, represented the seller, Gemini Real Estate Advisors, a private real estate investment firm based in North Carolina. Zaver procured the buyer, Bridgeton Holdings, a New York-based private real estate investment firm. Tim Thompson, sales manager of Marcus & Millichap’s Boston office, is the firm’s broker of record in Mass.
“The Boston Holiday Inn Express & Suites is one of the most centrally located hotels in all of Boston,” said Zaver. “It was built in 1900, converted to a Holiday Inn in 2008, and continues to receive capital improvements. The entire city is easily accessible from this hotel via mass transit and there are many popular destinations within walking distance.”
Located at 280 Friend St. in downtown, this five-story, interior-corridor Holiday Inn Express and Suites is close to TD Garden, the home of the National Basketball Association’s Boston Celtics and the National Hockey League’s Boston Bruins. A U.S. General Service Administration office is across the street and Massachusetts General Hospital is within walking distance. The property includes 5,518 s/f of retail space occupied by three tenants.
Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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