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Best Western Inn sells for $4.3 million
The Best Western Apalach Inn, a 42-room hotel in Apalachicola, has been sold for $4.3 million.
According to a news release from Marcus & Millichap, a leading commercial real estate brokerage firm, the two-story hotel on U.S. 98 on the western edge of the city, about a mile from downtown, was bought for the full list price. The buyer’s name was not disclosed in the release.
The sellers, Shivay Inc. are the original developers of the hotel, which ran as a family business for decades. Shivay is an entity run by the Patel family, with Anil Patel serving as president, with his wife Mira and son Atul as directors.
According to the website of Property Appraiser Rhonda Skipper, the land’s taxable value in 2021 was a little more than $300,000, and the building’s value about $1.1 million.
“As we had an existing long-term relationship with the sellers, they entrusted us to run a targeted marketing process to yield the highest price while mitigating any concerns about business interruption or staffing implications,” said Gabriel Shamay, vice president investments in Marcus & Millichap’s Fort Lauderdale office.
“Through leveraging our existing relationships and targeting credible buyers, we successfully generated multiple offers and ultimately sold the hotel for full list price,” he said. “We are excited to help the sellers capture their equity and move onto the next project.”
Shamay, David Greenberg, Christopher Passeggiata, and Ely Silverstein had the exclusive listing to market the property on behalf of the seller. The buyer, a local private investor, was also procured by Shamay, Greenberg, Passeggiata, and Silverstein.
On Feb. 15, Steven Etchen, owner of the Gibson Inn, purchased the land to the east of the Best Western, a parcel that had once been sought for a Family Dollar store before the plan was nixed by the Apalachicola city commission.
Etchen paid $285,000 for the lot adjacent to the Best Western. In 2021, the lot had a taxable value of a little more than $89,000.
Located at 249 US-98, the Best Western Apalach Inn offers amenities that include a fitness facility, outdoor pool, and guest laundry.
Marcus & Millichap, Inc. specializes in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com