Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Candlewood Suites, a 120-room extended-stay hotel located in Fort Myers, Florida. The $11.35 million sales price equates to more than $94,500 per room.
“The Fort Myers hospitality market has experienced significant growth over the past several years and the seller captured the opportunity to take advantage of the hotel’s healthy performance,” says Jonathan Ruprai, first vice president investments in Marcus & Millichap’s Tampa office. “The buyer took advantage of an opportunity to acquire a Candlewood Suites for below replacement cost and plans to complete a renovation in order to increase the hotel’s market share.”
Ruprai, and Krone Weidler, also a first vice president investments in Tampa, represented the seller, a private investment group. Ruprai and Ahmed Kabani, first vice president investments in Miami, procured the buyer, AD1 Global.
“Buyers from throughout the hospitality property investment community were attracted to this asset by its strong net-operating income and consistent level of success,” adds Kabani. “The acquisition provides new ownership with a healthy income stream and the opportunity to increase revenue over time.”
The hotel is located at 9740 Commerce Center Court in Fort Myers, Florida near many demand generators, including Gulf Coast University, Florida Southwestern State College, and Shell Point Retirement Community. Nearby world-famous beaches include Fort Myers Beach, Sanibel and Captiva. Page Field Airport, Southwest International Airport and the Naples Municipal Airport are also within close proximity.
Built in 2009, the four-story Candlewood Suites received a certificate of excellence award from TripAdvisor in 2016.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 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. To learn more, please visit: www.MarcusMillichap.com
