News: Front Section
Posted: July 26, 2019
Swon, Zagoria and Pierce of Marcus & Millichap complete sale of 67-room Comfort Inn Plymouth
Plymouth, MA Marcus & Millichap has completed the sale of the Comfort Inn Plymouth, a three-story, 67-room hotel located off Rte. 3, the main highway leading to Cape Cod. The asset sold for $5.85 million.
Marcus & Millichap was honored to be selected as the first ever exclusive broker for the sale of the Comfort Inn. Investment sales team based in the firm’s Manhattan office led by Jerry Swon, alongside Daniel Zagoria and Cameron Pierce, represented the buyer and seller. The family trust had owned and operated the property for decades, operating as an independent motel before redeveloping the site to a Comfort Inn 20 years ago.
“There was a tremendous amount of pride in ownership at the hotel, which has always been kept in immaculate condition, above and beyond brand standards. The former owners plan to relax and look forward to taking a step back from the day to day hustle of operating the hotel.” said Zagoria.
The hotel is located 40 miles from Boston Logan International Airport and franchised under Choice Hotels, one of the largest and most successful lodging companies in the world.
Choice currently franchises more than 6,300 hotels, representing more than 500,000 rooms in 35 countries and territories.
“Plymouth, Massachusetts is a truly unique real estate market that continues to evolve into the future while maintaining the charm of it’s past. The tremendous amount of new development and plethora of events celebrating the history of America, including the 400 year anniversary of the Mayflower landing at Plymouth rock in 1620, generated widespread interest in the opportunity to purchase the property,” said Swon.
“A diverse array of investor profiles from across the country produced written offers and allowed us to create a competitive environment, eventually driving the market to a sale price within 2.5% of our asking price,” said Zagoria. “The purchasing group has been working with our team for years looking for the right opportunity to invest in a hotel near Boston and Cape Cod, and we are very pleased to finally complete that goal with them. After acclimating themselves to their new purchase, they plan to convert the hotel to a Holiday Inn Express in time for the 400 year anniversary in 2020.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.