Marcus & Millichap closed the the sale of the Best Western Premier Nicollet Inn, a 131-room hospitality property in Burnsville, Minnesota.
The hotel sold for $8.65 million.
Jake Erickson, Joseph Ferguson, Jared Plamann and Jon Ruzicka, investment specialists in Marcus & Millichap’s Minneapolis office and National Hospitality Group, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a fund manager, was also secured and represented by Erickson, Ferguson, Plamann and Ruzicka,
Best Western Premier Nicollet Inn is located at 14201 Nicollet Ave. in Burnsville. With an occupancy rate of 42.3% and an average daily rate of $119.62, the hotel has achieved a revenue per available room of $50.60 as of year end 2022.
