Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 184-room Holiday Inn Resort located just outside Wilmington in Wrightsville Beach, North Carolina. The asset sold for $30.25 million.
“This Holiday Inn Resort drew a tremendous amount of national interest because of its location in a high-end beach destination with an undeniably high ceiling,” stated Robert S. Hunter, first vice president investments and senior director of Marcus & Millichap’s Hospitality Division. “North Carolina is consistently recognized as one of the fastest-growing states and Wrightsville Beach is a short drive from its largest population centers.” Hunter and Marcus & Millichap’s Christopher J. Martin and David J. Altman, all based in Fort Lauderdale, along with R. McLean Hicklin III in the firm’s Columbia, South Carolina office, had the exclusive listing to market the property on behalf of the seller, a private partnership. The buyer, a limited liability company, was secured and represented by Hunter, Hicklin III and Martin. Ben Yelm, regional manager, assisted in closing the transaction.
“New hotel supply in Wrightsville Beach faces multi-layered barriers to entry that are unmatched by other most seasonal leisure markets,” added Hunter. “Ultimately, the premium for those barriers and the desirability of the asset itself helped restore value to roughly 86% of pre-COVID market value.” Built in 1999, this seven-story Holiday Inn Resort is located directly on Wrightsville Beach. The hotel has over 8,000 square feet of meeting space, including a 400-person capacity ballroom, three swimming pools with two whirlpools, two restaurants, a lounge, a fitness center, a sand volleyball court, a Kid Spree Vacation Club, and a shuttle service.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.