Minot Hospitality Partners sold the 75-room MainStay Suites hotel in Minot, N.D. to Astro Hospitality in a deal arranged by Marcus & Millichap. Other terms and conditions were not disclosed.
“This was one of several transactions I’ve had the opportunity to complete in a market where many deals don’t reach the finish line,” Jake Erickson, Marcus & Millichap's senior director investments, said in a statement. “In this case, having an experienced brokerage team, a responsive title company, and a flexible lender made all the difference. With approximately $1 million in annual revenue and strong fundamentals, the property is well-positioned for a full renovation that will elevate the guest experience and contribute to the vitality of the surrounding community
Erickson, Jared Plamann and Brock Banken, investment specialists in Marcus & Millichap’s Minneapolis office, in association with Jon Ruzicka, Marcus & Millichap’s North Dakota broker of record, had the exclusive listing to market the property on behalf of the seller, Minot Hospitality Partners. Erickson and Plamann procured the buyer, Astro Hospitality.
The MainStay Suites hotel includes 75 all-kitchenette suites across 39,918 square feet. Built in 2011, the hotel sits on 1.69 acres adjacent to the 76-store Dakota Square Mall.