Commercial real estate brokerage firm Marcus & Millichap has overseen the sale of an 88-room Hampton Inn hotel property in Paragould, Ark. Terms of the transaction were not disclosed.
“This sale worked out very well for both parties,” Allan Miller, senior managing director investments, said in a statement. “The buyer was in a 1031 exchange and found the Hampton Inn to be an ideal fit given its strong operating performance, location and quality construction. The transaction represents a great match between long-term investment goals and a well-performing hospitality asset.”
Miller, investment specialist in Marcus & Millichap’s Austin office, in association with Steve Greer, Marcus & Millichap’s Arkansas broker of record, had the exclusive listing to market the property on behalf of the seller, a regional institutional entity. The transaction received additional support from Chris Gomes of the Miller-Gomes Hotel Team.
The Hampton Inn Paragould was built in 2016 and sits on 1.72 acres. The 88-room hotel is close to U.S. Highway 49 and Route 412 and has an outdoor pool, fitness center, business center, meeting space and complimentary breakfast. It is near Arkansas State University, Black River Tech and Crowley’s Ridge College.