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Days Inn in Pensacola Beach fetches $13.5 million
The seller, Highland Development Group Inc., got $109,000 per room for the 123-room hotel
UPDATED May 30, 3 p.m.: Real estate brokerage Marcus & Millichap announced the sale of a Days Inn hotel in Pensacola Beach for $13.5 million.
The seller, Highland Development Group Inc., got $109,000 per room for the 123-room Days Inn Pensacola Beachfront. The new owner, a limited liability company based in Texas, plans to renovate the property by adding amenities.
The 27-year-old hotel is located at 16 Via De Luna Drive in Pensacola Beach, a tourist destination on Santa Rosa Island, a barrier island just south of Pensacola.
Marcus & Millichap had a sales contract for the hotel within weeks of putting it on the market.
“There are only nine hotels in Pensacola Beach,” David Altman, senior associate in Marcus & Millichap’s Fort Lauderdale office, said in a prepared statement. “Due to the high barriers to enter this market and through a targeted marketing campaign, we were successful in fielding offers and entering into a sales contract within three weeks of bringing the property to market.”
The seller’s representatives were Altman and his Marcus & Millichap colleagues David Greenberg, senior managing director investments; Robert S. Hunter, first vice president investments; and Gabriel Shamay, an associate of the brokerage firm. The team also procured the buyer, a limited liability company based in Texas.