- Raj Patel acquired the 3-story, 66-key Super 8 hotel in Gardiner, MT.
- The 1987 hotel sits on 1.37 acres at Yellowstone’s North Entrance.
- Marcus & Millichap brokered the sale.
RAJ PATEL ACQUIRED the 3-story, 66-key Super 8 hotel in Gardiner, Montana, from Eric Sheckleton. Marcus & Millichap brokered the sale.
The 1987 hotel sits on 1.37 acres at Yellowstone National Park’s North Entrance, the park’s only year-round entrance, M&M said in a statement. Nearby attractions include Roosevelt Arch, Mammoth Hot Springs, Paradise Adventure Co. and Yellowstone Dreamin' Adventures.
Marcus & Millichap Capital Corp., a subsidiary of the California company, secured the financing.
“The seller was a repeat client and a pleasure to work with throughout the transaction,” said Huberth Marak, M&M’s director of investments. “Gardiner is a resilient market. While other parts of Montana have experienced a slowdown, Yellowstone National Park continues to see visitor growth. The buyer, who owns hotels in similar areas, understood the market dynamics and long-term potential of this property.”
Marak, Skyler Cooper, Chris Gomes and Allan Miller, investment specialists in M&M’s Denver, Dallas and Austin offices, along with Adam Christofferson, M&M’s Montana broker of record, held the exclusive listing for the seller. Jay Arora, M&M’s associate director of investments in the Phoenix office, secured the buyer.
Mattheu Raiola, an associate director in the firm’s Phoenix office, secured $9,120,000 in financing with a 10-year term, 5.9 percent interest rate, 25-year amortization and 80 percent loan-to-value.
Arora said the acquisition expands the buyer’s geographic footprint and reinforces its commitment to customers in the mountain states.
Denver-based Copford Capital Management acquired the vacant 13-story, 200-key former Westmark Anchorage hotel in Anchorage, Alaska and plans to reposition it as a lifestyle hotel.
