WRIGHTSVILLE BEACH, N.C. — Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, recently announced the sale of the 184-room Holiday Inn Resort in Wrightsville Beach, North Carolina, near Wilmington. The asset sold for $30.25 million.
“This Holiday Inn Resort drew a tremendous amount of national interest because of its location in a high-end beach destination with an undeniably high ceiling,” said Robert S. Hunter, first vice president investments and senior director of Marcus & Millichap’s Hospitality Division. “North Carolina is consistently recognized as one of the fastest-growing states and Wrightsville Beach is a short drive from its largest population centers.”
Built in 1999, this seven-story Holiday Inn Resort is located directly on Wrightsville Beach. The hotel has over 8,000 square feet of meeting space, including a 400-person capacity ballroom, three swimming pools with two whirlpools, two restaurants, a lounge, a fitness center, a sand volleyball court, a Kid Spree Vacation Club, and a shuttle service.
“New hotel supply in Wrightsville Beach faces multi-layered barriers to entry that are unmatched by other most seasonal leisure markets,” added Hunter. “Ultimately, the premium for those barriers and the desirability of the asset itself helped restore value to roughly 86 percent of pre-COVID market value.”
Hunter and Marcus & Millichap’s Christopher J. Martin and David J. Altman, all based in Fort Lauderdale, along with R. McLean Hicklin III in the firm’s Columbia, South Carolina, office, had the exclusive listing to market the property on behalf of the seller, a private partnership. The buyer, a limited liability company, was secured and represented by Hunter, Hicklin III, and Martin. Ben Yelm, regional manager, assisted in closing the transaction.