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Marcus & Millichap Brokers 1031 Deal of Hotel Near Arkansas State University
Marcus & Millichap arranged the sale of an 88-room Hampton Inn hotel property in Paragould, Arkansas.
“This sale worked out very well for both parties,” said Allan Miller, senior managing director investments. “The buyer was in a 1031 exchange and found the Hampton Inn to be an ideal fit given its strong operating performance, location and quality construction. The transaction represents a great match between long-term investment goals and a well-performing hospitality asset.”
Miller, investment specialist in Marcus & Millichap’s Austin office, in association with Steve Greer, Marcus & Millichap’s Arkansas broker of record, had the exclusive listing to market the property on behalf of the seller, a regional institutional entity. The transaction received additional support from Chris Gomes of the Miller-Gomes Hotel Team.
The Hampton Inn Paragould was built in 2016 and sits on 1.72 acres at 3810 Linwood Drive. The 88-room hotel is near Arkansas State University, Black River Tech and Crowley’s Ridge College.
