The Courtyard by Marriott in Albany, Ga., was sold by HVC Hospitality in a deal facilitated by Marcus & Millichap.
The three-story, 84-room property—which was built in 2004 and is located on a 2.4 acre parcel off U.S. Highway 82—was acquired by New York, N.Y.-based investment firm Jacobs Real Estate Advisors. The hotel recently underwent more than $3.25 million in renovations.
“The buyer sought a high rate of return in a growing Southeast market to add to its portfolio of hospitality assets,” McLean Hicklin, senior director investments, Calabasas, Calif.-based Marcus & Millichap, said in a statement. “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 buyer and seller.
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. Amenities include a business center, fitness center, meeting space, convenience store, an on-site restaurant and bar and an outdoor pool.