Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, UT. The sale included the adjacent TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 units.
Marcus & Millichap had the exclusive listing and Adam Lewis, the firm’s Utah broker of record, assisted in closing the transaction. The buyer, a limited liability company, pursued the acquisition because of the hotels’ prime location close to Bringham Young University in Provo and near the Orem business district. New ownership intends to upgrade the hotels pursuant to a Marriott-brand standard improvement plan in order to maintain their competitive edge in the market.
The TownePlace Suites hotel has 100 units and the Fairfield Inn & Suites property has 90 rooms.
