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Travelodge New Orleans Hotel Trades via Auction

HARVEY — 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 the Travelodge by Wyndham – New Orleans West, a 212-room hospitality property located in Harvey, Louisiana. The two-story asset sold for $4,495,000.

“We are thrilled to have facilitated the sale of the Travelodge by Wyndham by leveraging the auction platform RI Marketplace,” said David Altman, first vice president of investments. “Our comprehensive marketing efforts generated significant interest, with nearly 10 registered bidders. This reflects the high level of demand and investor confidence in this great property and the hotel industry. In addition to the purchase price, the buyer plans to enhance the guest experience by investing over $1,000,000 renovating this hotel.”

Altman, an investment specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Hong Park of New York. Altman collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Division to market the asset. Ronak Patel of Missouri purchased the property. Chris Shaheen, Marcus & Millichap’s Broker of Record in Louisiana, assisted in closing this transaction.

Constructed in 1971 on 3.77 acres, the 125,539-square-foot hotel is located at 2200 Westbank Expressway just off U.S. 90, providing ease of access for commerce and tourism. The property is about 10 minutes from downtown New Orleans and less than 30 minutes from the Port of New Orleans and Louis Armstrong New Orleans International Airport.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.

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