
The properties are: – Crowne Plaza, Memphis, Tennessee, 319 rooms – Crowne Plaza, Austin, Texas, 293 rooms – Clarion Hotel, Orlando Intercontinental Airport, 335 rooms – Crowne Plaza, Houston, Texas, 243 rooms – Crowne Plaza, Dayton, Ohio, 283 rooms – Crowne Plaza, Looking at, Pennsylvania, 259 rooms – Back garden Plaza, Marietta, Georgia, 218 rooms – Former Marriott, Jackson, Mississippi, 303 rooms – Crowne Plaza, Tulsa, Oklahoma, 286 rooms
Crowne Plaza, Austin, Texas



Marcus & Millichap (NYSE: MMI) declared the sale of nine hospitality qualities throughout eight states, amassing 1,550,000 square toes with a whole price of around $225 million.
“With numerous hospitality houses battling due to the pandemic, our client, Lockwood Advancement Companions, strategies to repurpose these qualities and make multi-dimensional assets that will assist encourage the financial state and provide crucial resources and alternatives to the veteran and senior communities,” claimed Eddy Nevarez, affiliate director of Marcus & Millichap’s Countrywide Hospitality Division and the exclusive agent for the buyer.
The repurposed, multifaceted assets will attribute a rebranded, eco-welcoming, and sustainable resort procedure, very affordable multifamily housing and “ghost kitchens,” wherever neighborhood sellers lover with Uber Eats to do business enterprise with no the upkeep charges of a brick-and-mortar cafe. In conjunction with the Veteran Affairs’ Mission Act, the attributes will also provide as a useful resource for veterans to acquire long-lasting housing, physical and mental support, and other assistance applications via SarahCare, an corporation dedicated to offering sources for seniors.
“With the greater part of the property positioned in various, metropolitan metropolitan areas these as Austin, Houston, Memphis and Orlando, the properties’ versatility and accessibility will motivate financial growth and alternatives,” included Nevarez. “These unprecedented situations have challenged the creativity and proactiveness of our client, but this enterprise provides aid to that segment of the hospitality business that has been decimated by the pandemic. Section just one of Lockwood Development Partners’ innovative hotel repurposing initiative serves as a benchmark for potential big-scale portfolios, serving as a lifeline by changing having difficulties hospitality properties into multi-faceted assets that supply possibilities and assets for veterans as properly as the community.”
The houses are:
- Crowne Plaza, Memphis, Tennessee, 319 rooms
- Crowne Plaza, Austin, Texas, 293 rooms
- Clarion Resort, Orlando International Airport, 335 rooms
- Crowne Plaza, Houston, Texas, 243 rooms
- Crowne Plaza, Dayton, Ohio, 283 rooms
- Crowne Plaza, Reading through, Pennsylvania, 259 rooms
- Garden Plaza, Marietta, Ga, 218 rooms
- Previous Marriott, Jackson, Mississippi, 303 rooms
- Crowne Plaza, Tulsa, Oklahoma, 286 rooms
Marcus & Millichap’s brokers of file in Florida, Georgia, Mississippi, Ohio, Oklahoma, Pennsylvania, Tennessee, and Texas are, respectively, Ryan Nee, John Leonard, Mickey Davis, Michael Glass, Mark McCoy, Sean Beuche, Jody McKibben, and Timothy Speck.
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