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Marcus & Millichap Sells New Orleans Travelodge for $4.5M on Auction Platform
Marcus & Millichap has facilitated the $4,495,000 sale of the 212-room Travelodge by Wyndham – New Orleans West.
“We are thrilled to have facilitated the sale of the Travelodge by Wyndham by leveraging the auction platform RI Marketplace,” said David Altman, first vice president, investments. “Our comprehensive marketing efforts generated significant interest, with nearly 10 registered bidders. This reflects the high level of demand and investor confidence in this great property and the hotel industry…the buyer plans to enhance the guest experience by investing over $1 million renovating this hotel.”
Altman, who had the exclusive listing to market the property for the seller, Hong Park of New York, collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s commercial property auction division. Ronak Patel of Missouri purchased the hotel, which was built in 1971. Chris Shaheen, Marcus & Millichap’s Broker of Record in Louisiana, assisted with the closing.
- ◦Sale/Acquisition