Marcus & Millichap Real Estate Investment Services closed 78 hotel transactions in 2012 totaling $289 million, according to Gregory LaBerge, national director of the firm’s National Hospitality Group.
“The hospitality industry is beginning a phase that could very well feature the best industry fundamentals in decades,” said LaBerge. “Last year was Marcus & Millichap’s best year ever providing hospitality investment services to clients, and it was also one of the best operational years for hotels in recent memory.”
Marquee transactions for Marcus & Millichap’s hospitality group last year included the sale of a pair of Hilton Garden Inns in Birmingham, Ala., that traded for a total of $22.1 million. The Hilton Garden Inn, Liberty Park sold for $11.9 million and the Hilton Garden Inn, Lakeshore brought $10.2 million.
