Marcus & Millichap managed the sale of the 66-room Super 8 hotel in Gardiner, Mont. Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap, secured the financing. The buyer and seller were individuals. Other terms and conditions were not disclosed.
Marak, Skyler Cooper, Chris Gomes and Allan Miller, investment specialists in Marcus & Millichap’s Denver, Dallas and Austin offices, in association with Adam Christofferson, Marcus & Millichap’s Montana broker of record, had the exclusive listing to market the property on behalf of the seller, Eric Sheckleton. Jay Arora from the firm’s Phoenix office procured the buyer, Raj Patel.
“The seller was a repeat client and a pleasure to work with throughout the transaction,” Huberth Marak, director investments, said in a statement. “Gardiner is a uniquely resilient market. While other parts of Montana have experienced a slowdown, Yellowstone National Park continues to see strong visitor growth. The buyer, who owns hotels in similar areas, understood the market dynamics and long-term potential of this property.”
“This strategic acquisition strengthens the buyer’s geographic footprint and reinforces its commitment to serving customers in the mountain states,” said Arora, associate director investments.
Mattheu Raiola, associate director in the firm's Phoenix office, secured $9,120,000 in financing for the acquisition. The loan features a 10-year term with a 5.9 percent interest rate, a 25-year amortization period and an 80 percent loan-to-value.
The Super 8 is located on 1.37 acres at 702 Scott St. W, benefiting from its location at Yellowstone National Park’s only year-round entrance. Built in 1987, the property includes eight staff apartments and a retail space currently leased to a coffee shop.