Marcus & Millichap helped facilitate the sale of a pair of properties in Montana and Michigan in separate transactions earlier this week.
The Sacajawea Hotel—a historic 36-room hotel property located in Three Forks, Mont.—is located downtown in Yellowstone Country. The property was originally built in 1910 and fully refurbished in 2010. The hotel has two full-service bars, meeting space, wedding venues and Pompey’s Grill steakhouse.
“The Sacajawea Hotel is a unique asset with a significant food-and-beverage component,” Huberth Marak, director investments, Marcus & Millichap, said in a statement. “Having worked with the seller for a number of years, we were able to strategically position the property and identify the right buyer. The buyer had recently sold another Montana asset through our team and was completing a 1031 exchange, making this an ideal opportunity to reinvest in a distinctive hospitality property.”
Marak, investment specialist in Marcus & Millichap’s Denver office, in association with Adam Christofferson, Marcus & Millichap’s Montana broker of record, marketed the property on behalf of the seller and procured the buyer.
Meanwhile, the 62-room Fairfield Inn & Suites in Lansing, Mich., a 62-room hotel located 11 miles from Michigan State University, was acquired.
“The buyer plans to complete the remaining property improvement plan items and continue operating the hotel as a Fairfield Inn & Suites,” said Michael Klar, director investments, Marcus & Millichap.
Klar and Ebrahim Valliani, investment specialists in Marcus & Millichap’s Chicago Oak Brook, Ill., office—in association with Paul Kerber, Marcus & Millichap’s Michigan broker of record—had the exclusive listing to market the property on behalf of the seller. Klar collaborated with Derek Schuster of Marcus & Millichap’s Auction Services to market the asset and secure the buyer.
The transactions received additional support from Skyler Cooper, Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team.