Finance & DevelopmentFinanceMarcus & Millichap Facilitates Sale of the Comfort Suites Abingdon

Marcus & Millichap Facilitates Sale of the Comfort Suites Abingdon

ABINGDON, Virginia—Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of Comfort Suites Abingdon, a 65-room hospitality property located in Abingdon, Virginia. The asset sold for $5 million, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office.

David Wiener, an investment specialist in Marcus & Millichap’s Washington, D.C. office, had the listing to market the property on behalf of the seller, a limited liability company. Wiener also secured the buyer, another limited liability company. Benjamin Yelm, Marcus & Millichap’s broker of record in Virginia, assisted in closing this transaction.

“This hotel represents the third property in the last two years where we have exclusively represented the seller. We are honored that they continue to place their trust in our abilities,” said Wiener. “As the hospitality sector continues to recover, we were able to secure a buyer with local ties and generate a very strong revenue multiplier for our client.”

Comfort Suites Abingdon I-81 was built in 2005, is within a half-mile of I-81, and is approximately 15 miles from the future Bristol, Virginia-based HardRock Hotel & Casino, which is estimated to bring in an additional four million annual visitors to the area.