Marcus & Millichap has facilitated the sale of the Microtel Inn & Suites by Wyndham Midland located in Midland, Texas. Other terms were not disclosed.
Senior Associate Matt Omansky, investment specialist in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a private client. Chris Gomes, executive managing director in Marcus & Millichap’s Dallas office, procured the buyer, a Texas-based private investor. Allan Miller, senior managing director in the firm’s Austin office, was listed on the transaction as a supporting broker.
"Working with an excellent repeat client made this transaction go very smoothly," Omansky said in a statement. "The last asset in their hotel portfolio, developed by the seller between 2013 and 2014, was exceptionally well-maintained. These properties, all third-party managed, offered significant upside potential for the new buyer. Moreover, the market has seen impressive RevPAR recovery over the last three years, which should help position the new group for success in the near term.”
The Microtel Inn & Suites by Wyndham Midland is an 82-room, three-story hotel just off Interstate 20. Various common-area amenities at the property include a business center, fitness center, breakfast area and a guest laundry facility.