Commercial real estate brokerage firm Marcus & Millichap oversaw the sale of a 122-room Comfort Suites in Cary, N.C.
“We ran a competitive process and identified a local developer planning to convert the property into an extended-stay Hilton asset,” Jack Davis, senior managing director investments at Marcus & Millichap, said in a statement. “The property sold for more than 4.5 times revenue on a pre-PIP basis and at a cap rate below eight percent.”
Davis, along with Marcus & Millichap’s Eric Webster, Joce Messinger and Chase Dewese represented the private seller…