Commercial real estate brokerage firm Marcus & Millichap has overseen the sale of a 70-room Welcome Suites Extended Stay hotel in Springdale, Ohio. Terms of the transaction were not disclosed.
“This deal was truly a collaborative effort,” Michael Klar, director investments, said in a statement. “Both the buyer and seller demonstrated professionalism and flexibility throughout the process. Even with a few delays, their cooperation allowed us to navigate the challenges and successfully close the transaction.
Klar and Ebrahim Valliani, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, in association with Michael Glass, Marcus & Millichap’s Ohio broker of record, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors. The transaction received additional support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team.
The three-story Welcome Suites Extended Stay Springdale takes up 1.82 acres. Built in 1988, the hotel has kitchenettes in each suite, along with on-site guest laundry and vending amenities. The property is close to Interstate 275 and is surrounded by demand generators, including major employers, medical centers, universities and regional attractions.