Marcus & Millichap Inc.
09/18/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of 76-Room Baymont Inn & Suites in Midland Texas
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Marcus & Millichap Brokers Sale of 76-Room Baymont Inn & Suites in Midland Texas
September 18, 2024
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MIDLAND, TX, Sept. 18, 2024 - 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 Baymont Inn & Suites Midland Center, a 76-room Wyndham-branded hotel in Midland, Texas.
"We were pleased our platform procured multiple offers for this asset. As the most active hotel brokers in the Permian Basin, we are confident that demand will continue to grow, driven by the region's sustained economic expansion," says Allan Miller, senior managing director investments in Marcus & Millichap's Austin office. "Our experience in this market reinforces that this is the ideal time for buyers to capitalize on an improving RevPAR trend."
Miller had the exclusive listing to market the property on behalf of the private seller and secured the buyer, an out-of-state private investor. Chris Gomes, senior managing director in the Dallas office, was listed on the transaction as a supporting broker. The Baymont by Wyndham - Midland Center marks the Miler-Gomes Hotel Team's 34th successful transaction in the Permian Basin since 2010.
Built in 2016, Baymont Inn & Suites Midland Center features 76 rooms across three floors, with amenities including a hot breakfast bar, business center, and fitness center. Located at 3100 US Hwy 150 East, it is strategically positioned off Interstate 20.
"We were pleased our platform procured multiple offers for this asset. As the most active hotel brokers in the Permian Basin, we are confident that demand will continue to grow, driven by the region's sustained economic expansion," says Allan Miller, senior managing director investments in Marcus & Millichap's Austin office. "Our experience in this market reinforces that this is the ideal time for buyers to capitalize on an improving RevPAR trend."
Miller had the exclusive listing to market the property on behalf of the private seller and secured the buyer, an out-of-state private investor. Chris Gomes, senior managing director in the Dallas office, was listed on the transaction as a supporting broker. The Baymont by Wyndham - Midland Center marks the Miler-Gomes Hotel Team's 34th successful transaction in the Permian Basin since 2010.
Built in 2016, Baymont Inn & Suites Midland Center features 76 rooms across three floors, with amenities including a hot breakfast bar, business center, and fitness center. Located at 3100 US Hwy 150 East, it is strategically positioned off Interstate 20.
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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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.