Marcus & Millichap Lodging Team Finalizes Rockford Deal
Marcus & Millichap closed the sale of Budget Inn, a 131-room hospitality property located in Rockford, IL. The property sold for $1,720,000.
First VP Ebrahim Valliani, associate Michael Klar, SVP Allan Miller and senior managing director Chris Gomes, based in Marcus & Millichap’s Chicago Oak Brook, Austin and Dallas offices, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Valliani, Klar, Miller and Gomes.
Budget Inn is located at 7712 Potawatomi Trail in Rockford, 80 miles from Madison, WI and Chicago, and 65 miles from O’Hare International Airport. The hotel is a three-story, interior/exterior facility, well positioned with good visibility from Interstate 90. The buyer group plans to reposition the hotel in the near future to bring a national brand/franchise and undergo renovations.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).