ALBANY, Georgia—Marcus & Millichap announced the sale of an 84-room Courtyard by Marriott located in Albany, Georgia.
“The buyer, a New York-based investment firm, sought a high rate of return in a growing Southeast market to add to its portfolio of hospitality assets,” said McLean Hicklin, senior director of investments. “This is a great example of capital migration moving down the Eastern Seaboard.”
Hicklin and Robert Hunter, in association with John Leonard, Marcus & Millichap’s broker of record in Georgia, exclusively marketed the property on behalf of the seller, HVC Hospitality, and procured the buyer, Jacobs Real Estate Advisors LLC.
The three-story property was built in 2004 and is located just off U.S. Highway 82. The hotel recently underwent more than $3.25 million in renovations. Amenities include a business center, fitness center, meeting space, convenience store, an on-site restaurant and bar, and an outdoor pool. The hotel is near Southwest Georgia Regional Airport, Albany State University, and Marine Corps Logistics Base Albany, as well as Phoebe Putney Memorial Hospital and Albany Mall.
