
Marcus & Millichap Brokers Sale of Charlotte Courtyard by Marriott
Commercial real estate brokerage firm Marcus & Millichap has brokered the sale of Courtyard by Marriott – Billy Graham Parkway, a 175-room hotel property located in Charlotte, NC. The price was not disclosed.
Chase Dewese, working with Jack Davis, Joce Messinger and Josh Williams, had the exclusive listing to market the property on behalf of the seller, PEG Companies, in addition to procuring the local buyer.
“Our team was able to successfully procure an out of state buyer at a sub-seven-percent cap rate on a non-stabilized asset. The buyer will reap the benefits of the ongoing positive performance metrics of a recently renovated property in a highly sought-after submarket,” said Dewese.
Courtyard by Marriott – Billy Graham Parkway is located at 321 W Woodlawn Road in Charlotte, less than ten minutes from Charlotte Douglas International Airport. Built in 1975, the hotel sits on 3.63 acres.
- ◦Sale/Acquisition