By Anca Gagiuc, Associate Editor
Allan Miller, vice president investments at Marcus & Millichap’s San Antonio office and Chris Gomes, vice president investments at the company’s office in Dallas, represented the seller. Marcus & Millichap’s National Retail Group procured the buyer. Both the buyer and the seller are Texas-based private investment groups.
The hotel is located at 5535 University Heights in San Antonio, near Interstate 10 and Loop 1604, two miles from the University of Texas at San Antonio and three miles from Six Flags Fiesta Texas.
“Our comprehensive national marketing campaign generated competitive offers from local and national lodging institutions and a strong retail investor in a 1031 exchange emerged through our internal marketing efforts to the firm’s network of more than 1,500 agents,” said Miller. “Ultimately, the seller moved forward with the internally produced cross-product buyer interested in investing in San Antonio.”
”San Antonio is an attractive lodging market,” added Miller. “Although unlike other markets in Texas San Antonio has not seen rapid year-over-year RevPAR growth, the city also hasn’t experienced the same infusion of new supply. San Antonio’s lodging assets are poised for steady performance growth and I am confident that investor sentiment will continue to be strong in 2016.”
Holiday Inn San Antonio Northwest was built in 2012 as a four-story, interior-corridor, full-service hotel featuring the updates that fit the Holiday Inn format.
Image courtesy of InterContinental Hotels Group