GIDDINGS, TX, April 10, 2013 â€“ Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Ramada, a 79 room Hotel located at 4002 East Austin Street in Giddings, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset commanded a list price of $1,950,000.
Michael Yu and Rahul Bijlani, Senior Directors of the National Hospitality Group, and Dennis Drake, an investment specialist in Marcus & Millichapâ€™s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Â The buyer, a private investor, was also secured and represented by Bijlani, Yu, and Tyler Bean, an investment specialist in Marcus & Millichap’s Ft. Worth office.
This sale represents the 23rd hotel transaction the Yu-Bijlani Hospitality team has closed in the last 12 months. They currently have six hotels in escrow and 20 listings spread across Texas, Louisiana, Arkansas, and Oklahoma.