Marcus & Millichap Brokers Crowne Plaza Hospitality Asset Sale in Austin
October 20 2022 - 5:37PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of a
former Crowne Plaza with 293 rooms in Austin, Texas.
“This Crowne Plaza was originally purchased in 2021 by Lockwood
Development as part of a ten-property portfolio sale,” said Eddy
Nevarez, first vice president investments and director of Marcus
& Millichap’s Hospitality Division. “Built in 1977, this asset
is in a densely populated area outside of Downtown Austin and
benefits from strong demographics, including a five-mile population
radius of 355,470 with an average household income of $102,483.
Marcus & Millichap’s Nevarez was the exclusive agent in this
transaction, representing the seller, Lockwood Development Partners
LLC, and procured the buyer, ASAP Holdings, Inc. from
California.
“ASAP Holdings, Inc. has development plans to convert this asset
to a Delta Marriott, as they look to capitalize on the strong
tourism and hospitality industry within Austin,” added Nevarez.
“The initial purchase of this Crowne Plaza by the sellers was part
of a repurposing project for hospitality assets affected by the
pandemic. Selling to a motivated buyer with experience in the
hospitality industry was integral in what ended up being a
momentous sales process.”
Tim Speck is Marcus & Millichap’s broker of record in
Texas.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221020006120/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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