Stay Suites of America property sold for $4.87M
Stay Suites of America (Google Street View)
Marcus & Millichap, a commercial real estate investment services company, said it sold Stay Suites of America, a 128-room motel at 5201 Dean Martin Drive, for $4.87 million.
Todd Manning, sales manager of the company's Las Vegas office, announced the sale in a statement. The sales price amounted to $38,000 per room, the company said.
Marcus Threats, an associate in Marcus & Millichap's Las Vegas office, represented the seller, a private investor, in the transaction.
The buyer secured financing through Marcus & Millichap Capital Corp., and plans to reposition the property as a limited-service motel, Marcus & Millichap said.
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