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Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of the Econolodge Hotel, a 121 room Hospitality property located in Salt Lake City, UT, according to Richard A. Bird, regional manager of the firm’s Salt Lake City office.
The asset sold for an undisclosed price. Mike Francis, an investment specialist in Marcus & Millichap’s Salt Lake City office, represented the seller in the sale.
The Econolodge Hotel is located at 715 West North Temple, in the downtown area of Salt Lake City. The property is near many demand generators such as Temple Square, Energy Solutions Arena and the Salt Palace Convention Center.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is one of the largest firms specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, 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.