FOR IMMEDIATE RELEASE

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Contact: Brian C. Hosey
First Vice President / District Manager, Washington, D.C.
(202) 536-3700

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MARCUS & MILLICHAP ARRANGES THE SALE OF
A 204-ROOM HOSPITALITY PROPERTY

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MOUNT LAUREL TOWNSHIP, NJ, May 20, 2021 – 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 Doubletree Suites by Hilton Mt. Laurel, a 204-room all-suite hotel located in Mount Laurel Township, NJ, according to Brian Hosey, regional manager of the firm’s Washington, D.C. office.

 

Andrew Kern, senior managing director investments, and David Altobello, first vice
president investments, in Marcus & Millichap’s Washington, D.C. office, had the exclusive
listing to market the property on behalf of the seller, a limited liability company. The team also represented the buyer, a private investor. Brian Hosey, regional manager and New Jersey broker assisted in closing this transaction.

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The Doubletree Suites is located at 515 Fellowship Rd in Mount Laurel Township, NJ. This premium, all-suite hotel is ideally situated to serve the prominent suburban markets east of Philadelphia, PA with its excellent location just off NJ-73 with easy access to I-295 and the New Jersey Turnpike. The surrounding area has a diverse economic base generating lodging demand year-round. Post-renovation, the hotel will be the best full-service, Hilton-branded property serving the market. At the time of sale, the Doubletree Suites was closed for business and the buyer is expected to re-open the property in the near term.               

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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.