Real estate brokerage company Marcus & Millichap has finalised the sale and financing of the Best Western Plus Executive Residency hotel in Austin, Texas, US.
Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the transaction’s financing.
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The 86-key property was exclusively marketed by Marcus & Millichap investment executive managing director Chris Gomes, who also procured the buyer with assistance from Allan Miller of the Miller-Gomes Hotel Group of Marcus & Millichap.
This dual-branded property offers extended stay options and Best Western Plus rooms, catering for shorter stays.
Established in 2019, the Best Western Plus Executive Residency is a modern addition to the Best Western brand. The hotel occupies 2.72 acres near Interstate 35 and is approximately 15 miles from downtown Austin.
The hotel provides diverse accommodation choices, which include studios, kitchenettes, and suites with full kitchens.
Facilities include a gym; outdoor space with a pool, pergola, and lawn games; a business centre; and meeting and conference facilities.
An electric vehicle charging station is also available at the property. The hotel is also pet-friendly and has a 100% smoke-free policy.
In a similar transaction, Marcus & Millichap’s division IPA Capital Markets secured a $79m loan for the construction of the El Tropicano Hotel in San Antonio last month. The property, situated on the city’s River Walk attraction, was originally built in 1962.
In July 2024, Marcus & Millichap assisted in the sale of the TownePlace Suites and Fairfield Inn & Suites Dallas Downtown, although the financial terms remain undisclosed.
