SAN ANTONIO, TX, June 26, 2012 â€“ Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Motel 6 San Antonio North #134, a 113 room motel located at 9503 North Interstate 35, San Antonio, TX, according to David H. Luther, Regional Manager of Marcus & Millichapâ€™s Houston office.
Michael Yu, Rahul Bijlani, Eric Guerrero and Tyler Bean, investment specialists in Marcus & Millichapâ€™s Houston office, had the exclusive listing to market the property on behalf of the seller, ACCOR North America. The property was sold without the option to renew the Motel 6 franchise license agreement, which lead to a difficult marketing assignment. The group was able to compile a thorough business plan that showed potential investors the upside opportunity, despite the Motel 6 franchise leaving. With this, they secured multiple offers and the ultimate buyer was a Texas based private investor. The group also helped the buyer secure a challenging SBA loan.
This sale represents the first transaction the group closed with the seller this year, and the ninth transaction overall this year. They currently have six hotels in escrow with 17 listings spread across Texas.