Marcus & Millichap Inc.
04/08/2026 | Press release | Archived content
Marcus & Millichap Auctions Upscale Boutique Hotel in Memphis, Tennessee
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Marcus & Millichap Auctions Upscale Boutique Hotel in Memphis, Tennessee
April 08, 2026
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MEMPHIS, Tenn., April 8, 2026 - 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 The Rambler Hotel, an 18-suite boutique hotel in downtown Memphis, Tennessee.
Lucas Jalenak and Alexandre Duong, in association with Jody McKibben, Marcus & Millichap's broker of record in Tennessee, represented the seller and collaborated with Ian Grusd, CCIM, SIOR, and Connor Curtin of Marcus & Millichap's Auction Services to market the asset and secure the buyer.
"This sale represents the highest price-per-room hotel trade in Downtown Memphis since 2021," said Lucas Jalenak, associate investments. "Given the property's unique characteristics, the seller chose a national auction campaign paired with local market expertise to expand the buyer pool."
"The strategy delivered strong results, with more than 60 interested parties, 34 offers over two days of live bidding, and a list to close in under 100 days," added Ian Grusd, CCIM, SIOR.
Located at 400 S Main St., The Rambler Hotel is an upscale, apartment-style asset originally constructed in 1900 and redeveloped in 2021. The property was a finalist for the 2022 Building Memphis Awards for Best Renovation. The three-story building features loft-style suites with full kitchens and living areas, designed to accommodate extended stays and group travel, as well as ground-floor retail space anchored by a long-term lease to Simmons Bank.
The property is situated in Memphis' South Main Arts District, within walking distance of Beale Street, the National Civil Rights Museum and the Mississippi Riverfront.
Lucas Jalenak and Alexandre Duong, in association with Jody McKibben, Marcus & Millichap's broker of record in Tennessee, represented the seller and collaborated with Ian Grusd, CCIM, SIOR, and Connor Curtin of Marcus & Millichap's Auction Services to market the asset and secure the buyer.
"This sale represents the highest price-per-room hotel trade in Downtown Memphis since 2021," said Lucas Jalenak, associate investments. "Given the property's unique characteristics, the seller chose a national auction campaign paired with local market expertise to expand the buyer pool."
"The strategy delivered strong results, with more than 60 interested parties, 34 offers over two days of live bidding, and a list to close in under 100 days," added Ian Grusd, CCIM, SIOR.
Located at 400 S Main St., The Rambler Hotel is an upscale, apartment-style asset originally constructed in 1900 and redeveloped in 2021. The property was a finalist for the 2022 Building Memphis Awards for Best Renovation. The three-story building features loft-style suites with full kitchens and living areas, designed to accommodate extended stays and group travel, as well as ground-floor retail space anchored by a long-term lease to Simmons Bank.
The property is situated in Memphis' South Main Arts District, within walking distance of Beale Street, the National Civil Rights Museum and the Mississippi Riverfront.
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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, 2025, the company had 1,808 investment sales and financing professionals in over 80 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit https://www.MarcusMillichap.com.
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