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Marcus & Millichap Arranges Sale of 32-Room Hospitality Property
Marcus & Millichap has completed the sale of Jet Inn Motel, a 32-room hospitality property located at 3747 S 142nd Street in Tukwila, Washington. The asset sold for $2,9 million.
Huberth Marak, Skyler Cooper, Chris Gomes, and Allan Miller, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Marak, Cooper, Gomes, and Miller. Joel Deis Regional Manager assisted in closing the transaction.
“We managed to get an SBA 7a with creative financing incorporating some seller carry notes because the hotel’s cash flow does not have enough DSCR (debt service coverage ratio),” said Marak. “It was financed on proforma because the buyers are planning to run it as a normal motel as opposed to an extended stay motel.”
The hotel is a 32-room independent hotel, mostly being operated as a long-term extended stay. The Canadian buyers are first-time buyers trying to enter the hospitality market.
