Two Adjoining Middletown Hotels Sell for $34 Million
Real Estate In-Depth | August 24, 2022
MIDDLETOWN—The Marriott Courtyard and Hampton Inn hotels on Crystal Run Crossing off Exit 120 of Route 17 in Middletown have been sold for $34 million.
Brokerage firm Marcus & Millichap reported that the two properties, which combined total 261 rooms, were sold by a limited liability company to a regionally based buyer. Marcus & Millichap represented the seller and procured the buyer in the transaction.
The Marriott Courtyard is located at 24 Crystal Run Crossing, while the Hampton Inn’s address is 20 Crystal Run Crossing.
Andrew Kern and Jerry Swon, investment specialists in Marcus & Millichap’s Tampa and Manhattan offices, respectively, had the exclusive listing to market the hotels on behalf of the unnamed seller. The property is located near the LEGOLAND New York resort in Goshen, the Orange County Speedway and the Orange County Fairgrounds in Middletown and a short drive from New York Stewart International Airport in New Windsor.
“We received significant interest from buyers looking to acquire well-maintained, stabilized hospitality assets that provide convenient access to many of the town’s demand generators, including the Galleria at Crystal Run, LEGOLAND New York, and the (Garnet) Medical Center,” said Kern.
Over the past 60 days, Kern and Swon have collaborated on the successful disposition of four hotels in three separate transactions, exceeding $55 million in value. The four assets are the Hampton Inn Northwood in Myrtle Beach, South Carolina, the Marriott Courtyard and Hampton Inn in Middletown, and the Holiday Inn Express Airport in Syracuse, NY.
“We utilized different marketing strategies to cater to the needs of our clients, which resulted in a successful outcome for each transaction,” said Swon. “Myrtle Beach was a direct sale, while the sale in Syracuse was conducted utilizing an auction platform with 14 registered bidders. The Middletown transactions were the result of a traditional marketing process that generated 12 written offers.”
“By leveraging our respective teams’ relationships and skills, we demonstrated that working collaboratively through Marcus & Millichap’s unique marketing and sales platform adds significant value to our clients,” concluded Kern.
John Horowitz is Marcus & Millichap’s broker of record in the State of New York and Ben Yelm is the firm’s broker of record in South Carolina.