GRAPEVINE, TX—Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a two-property, 190-room hotel portfolio in Grapevine, Texas. The properties are a 94-room Hampton Inn & Suites and a 96-room Comfort Suites.
“Historically, Grapevine is one of the Metroplex’s premium hospitality submarkets and achieves one of the highest RevPARs in the entire state,” says Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “Situated adjacent to each other, both of these assets recently underwent multi-million-dollar renovations and were acquired by the buyer as turn-key operations.”
Gomes and Allan Miller, first vice president investments, represented the seller, Supreme Bright Grapevine II and IV LLC, a Dallas-based company, and procured the buyer, another locally based enterprise.
Located at 1750 North Highway 121 and 1805 Enchanted Way, respectively, the Hampton Inn & Suites and Comfort Suites are located near the Dallas/Fort Worth International Airport. Both offer easy access to Grapevine’s historic downtown area, the Grapevine Mills shopping mall, Sea Life Grapevine Aquarium, the Cowboys Golf Club and Legoland Discovery Center.