Marcus & Millichap : Arranges $5.23 Million Sale of Days Inn in North Carolina

LEXINGTON, N.C., March 26, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Days Inn Lexington, a 120-unit hotel property located in Lexington, N.C. The property sold for $5,230,000, or $43,583 per room.

"Through our competitive marketing process, we were able to generate several offers and move forward with an out-of-state buyer at a competitive price point," says Milin Mehta, associate. "This asset sold for over a 4X All-In Room Revenue Multiplier, reflecting a sustained desirability from the market on acquiring hospitality assets located in the Carolinas."

Mehta, Joce Messinger, Chase Dewese and Jack Davis, investment specialists in Marcus & Millichap's Charleston and Charlotte Uptown offices, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Ben Yelm, Broker of Record in North Carolina, assisted in closing the transaction.

Days Inn Lexington, built in 1991, is located at 1620 Cotton Grove Road. The property is on four acres featuring two floors of well-maintained guest rooms and common areas with amenities such as a business center, meeting and banquet facilities and more. Positioned directly off I-85, the hotel is centrally located in the heart of the Piedmont Triad, offering convenient accessibility to Winston-Salem, High Point and Greensboro.