Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Stay Suites of America, a 128-room hospitality property located in Las Vegas, Nevada. The asset sold for $4,865,000, according to Todd Manning, sales manager of the firm’s Las Vegas office.
Marcus Threats CCIM, an associate in Marcus & Millichap’s Las Vegas office, had the exclusive listing and represented the seller, a private investor, in the transaction. With a sales price of $38,000 per room, the transaction set a post-recession pricing record, for exterior-corridor motel properties in the Las Vegas Area.
The buyer secured financing through Marcus & Millichap Capital Corp., and plans to reposition the property as a limited service motel.
