Marcus & Millichap arranged the sale of a 60-room Super 8 hotel property in Spearfish, S.D. for $2.4 million. Other terms and conditions were not disclosed.
“This transaction presented a compelling opportunity for an investor to acquire a well-located hospitality asset with multiple paths to value creation,” Jon Ruzicka, managing director investments, said in a statement. “The buyer plans to reposition the property through rebranding and operational enhancements, allowing them to better capitalize on the area’s strong year-round tourism and regional demand drivers.”
Ruzicka, Joseph Ferguson and Reed Gizinski, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
The Super 8 is located on 2.03 acres at 440 Heritage Drive. Built in 1977, the hotel is located just off Interstate 90, benefiting from proximity to major regional attractions including Spearfish Canyon, Mount Rushmore and historic Deadwood.