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Marcus & Millichap Sells Eight-Room Hospitality Building

Lodging at Castle Valley Inn in Moab, Utah is an experience with a touch of a Bed and Breakfast atmosphere and that of a Country Inn. Photo Courtesy CastleValleyInn.com.

CASTLE VALLEY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Castle Valley Inn Bed & Breakfast, an eight room hospitality property located in Castle Valley, Utah, according to Kent R. Williams, managing director/regional manager of the firm’s Las Vegas office. The asset commanded a sales price of $1,000,000 and seller provided financing.

Jeremy Foley and Ray Germain, investment specialists in Marcus & Millichap's Las Vegas office, had exclusive listing to market the property on behalf of the seller, a private investor. Richard Bird, broker, assisted in closing this transaction.

Castle Valley Inn Bed & Breakfast is located at 424 Amber Lane. Castle Valley Inn Bed & Breakfast is a turnkey operation allowing the new owner immediate control over operations.  It is also the sole hospitality business permitted in the area, which prevents any entry of competition. The property maintains an average daily rate of $134 at an occupancy of 60-80% depending on season.

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With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,441 transactions in 2009, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

www.MarcusMillichap.com