Marcus & Millichap has overseen the sales of three hotels in Southern U.S. states.
Florida
The company sold an 82-room Baymont by Wyndham hotel property in Lake City, Fla. for $3.9 million.
“The sale of the Baymont by Wyndham Lake City underscores the continued appeal of hospitality assets in prime interstate locations,” Joe Simpson, senior associate, said in a statement. “With its accessibility, and the buyer’s commitment to renovations and hands-on management, this property is poised for strong performance and future growth.”
Simpson, Jack Davis, Joce Messinger and Terrence Jefferson, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a Georgia-based investor. Ryan Nee is the firm’s broker of record in Florida.
Baymont by Wyndham Lake City is on 4.03 acres directly off Interstate 75. Included in the sale is a five-bedroom, two-bathroom house with an attached one-bedroom, one-bathroom in-law suite, providing an on-site living option for an owner-operator or manager. Built in 1978 and recently renovated, the hotel’s amenities include a business center, meeting and banquet spaces, an outdoor pool and a fitness center.
Georgia
Marcus & Millichap also sold a 64-room Wingate by Wyndham hotel property in Augusta, Ga., for $4.25 million.
"This sale highlights the strong demand for well-located hospitality assets in Augusta," Simpson said. "The property's proximity to key economic drivers, including Fort Gordon and Augusta National Golf Club, made it an attractive investment opportunity. With the new ownership planning renovations to enhance the guest experience and increase revenue, this transaction reflects the strength of Augusta’s hospitality market and its steady economic growth."
Simpson, Davis and Messinger marketed the property on behalf of the seller, an Augusta-based LLC. John Leonard is the firm’s broker of record in Georgia.
The 64-room Wingate by Wyndham Augusta Fort Gordon covers 1.66 acres and has three floors of guestrooms. The property is located off Interstate 520 near Interstate 20, with several major attractions nearby, including Fort Gordon, the Augusta Medical District, Augusta University and Augusta National Golf Club.
South Carolina
Finally, the company sold the Fairfield Inn Columbia Northwest-Harbison, an 84-room select-service hotel in Columbia, S.C.
“This was a highly competitive auction, with local buyers bidding against out-of-area buyers,” said Robert Hunter, senior managing director. “Ultimately, the winning bidder group had a strong local presence and, for that reason, was highly confident in its ability to realize the long-term potential of the hotel.”
Hunter, along with McLean Hicklin and Leo Reilly, exclusively marketed the property on behalf of the seller and procured the buyer, a private investor based in the area. Benjamin Yelm is Marcus & Millichap’s broker of record in South Carolina.
Built in 1998, the four-story property sits directly off Interstate 26 near Columbiana Centre, the University of South Carolina, Williams-Brice Stadium and Fort Jackson Military Base. Amenities include a business center, fitness center, meeting space and an outdoor patio.