Marcus & Millichap has completed the $29-million ($50,966 per unit) sale of the Hamilton Inn Extended-Stay portfolio, which encompasses five hotels in GA and TN.

Justin Sturdivant and Kylie Gee of Marcus & Millichap represented seller LLBJ Real Estate Holdings; Gabriel Shamay of Marcus & Millichap procured buyer The Siegel Group.

“Located in diverse markets, these five assets are filled with long-term residents and have lengthy wait lists,” said Sturdivant. “Starting in 2019, prior owners spent over $550,000 renovating 328 of the 569 rooms, further enhancing the property values and creating a competitive sales process for parties looking to acquire stable assets in sought-after markets.”

 “The properties are within major MSAs, which will enhance the portfolio’s value as these major cities continue to expand and grow in diversity,” added Gee. “We have seen an increased interest in extended-stay hotels as they provide accommodations with full kitchenettes, larger rooms, more storage and better long-term rates.”