DEER PARK, TX, August 31, 2012â€“ Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Best Western Deer Park Inn & Suites, a 56 room hotel located at 1401 Center Street, Deer Park, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichapâ€™s Houston office. The hotel commanded a list price of $2,500,000.
Rahul Bijlani, Michael Yu and Eric Guerrero, investment specialists in Marcus & Millichapâ€™s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Â Within a month, the group secured multiple offers from local and out of state buyers. Â The ultimate buyer secured was an out of state investor that purchased the property above 95 percent of the list price and had a significant amount of non-refundable earnest money day one of the contract. The group helped the buyer navigate several financing issues during escrow.
This sale represents the 17th hotel transaction the Yu-Bijlani group has closed in the last 12 months. They currently have six hotels in escrow and 20 listings spread across Texas.