Marcus & Millichap has brokered the sale of the 75-room MainStay Suites Minot in Minot, ND.
“This was one of several transactions I’ve had the opportunity to complete in a market where many deals don’t reach the finish line,” said Jake Erickson, senior director, investments, Marcus & Millichap. “In this case, having an experienced brokerage team, a responsive title company and a flexible lender made all the difference. With approximately $1 million in annual revenue and strong fundamentals, the property is well-positioned for a full renovation that will elevate the guest experience and contribute to the vitality of the surrounding community.”
Erickson, Jared Plamann and Brock Banken, investment specialists in Marcus & Millichap’s Minneapolis office, in association with Jon Ruzicka, Marcus & Millichap’s North Dakota broker of record, had the exclusive listing to market the property on behalf of the seller, Minot Hospitality Partners LLC. Erickson and Plamann procured the buyer, Astro Hospitality LLC.
The hotel includes 75 all-kitchenette suites across 39,918 sq. ft. Built in 2011, the hotel sits on 1.69 acres adjacent to the 76-store Dakota Square Mall.
