Marcus & Millichap Inc.
10/21/2024 | Press release | Distributed by Public on 10/21/2024 14:28
Marcus & Millichap Completes Sale Of Sirtaj Hotel In Beverly Hills – First Hotel Sale In The Area Since 2021
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Marcus & Millichap Completes Sale Of Sirtaj Hotel In Beverly Hills - First Hotel Sale In The Area Since 2021
October 21, 2024
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Beverly Hills, CA - October 17, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the successful sale of the SIRTAJ Hotel, a boutique property located in the heart of Beverly Hills. This transaction marks the first hotel sale in Beverly Hills since 2021, highlighting a significant milestone in the market.
Eddy Nevarez, the appointed hotel broker, was hired by the Bankruptcy Court Trustee to represent the seller. The transaction was completed through a collaborative effort with EXP Realty, bringing together expertise from both brokerage teams to successfully close the deal. Despite multiple offers, none initially met the strict requirements set by the Court Order. However, through this joint effort, strategic marketing, and thorough negotiations, the SIRTAJ Hotel went under contract less than 30 days after being listed.
The SIRTAJ Hotel, known for its sleek design and prime location, attracted significant interest due to its proximity to iconic Beverly Hills attractions such as Rodeo Drive and its high potential for redevelopment or value-add opportunities. With multiple offers on the table, the collaboration between The Nevarez Group and EXP Realty helped secure a buyer that met the Court's criteria, and Nevarez represented the seller through a smooth closing process.
"I'm honored to have been appointed by the Bankruptcy Trustee and to have worked alongside EXP Realty in this successful transaction," said Nevarez, Founder of The Nevarez Group. "This sale demonstrates the strength of Beverly Hills' hotel market and the power of collaboration in navigating complex sales. Despite the challenges, we were able to generate multiple offers and close this deal in record time, showcasing our ability to deliver results for both sellers and buyers."
As the only female broker at Marcus & Millichap to achieve the prestigious Chairman Circle of Excellence in the company's 52+ year history, Nevarez continues to set industry standards with her extensive experience and expertise in hospitality brokerage.
The sale of the SIRTAJ Hotel reflects not only the demand for premium properties in Beverly Hills but also Nevarez's proven track record in delivering high-profile transactions through strategic partnerships and industry collaboration.
Eddy Nevarez, the appointed hotel broker, was hired by the Bankruptcy Court Trustee to represent the seller. The transaction was completed through a collaborative effort with EXP Realty, bringing together expertise from both brokerage teams to successfully close the deal. Despite multiple offers, none initially met the strict requirements set by the Court Order. However, through this joint effort, strategic marketing, and thorough negotiations, the SIRTAJ Hotel went under contract less than 30 days after being listed.
The SIRTAJ Hotel, known for its sleek design and prime location, attracted significant interest due to its proximity to iconic Beverly Hills attractions such as Rodeo Drive and its high potential for redevelopment or value-add opportunities. With multiple offers on the table, the collaboration between The Nevarez Group and EXP Realty helped secure a buyer that met the Court's criteria, and Nevarez represented the seller through a smooth closing process.
"I'm honored to have been appointed by the Bankruptcy Trustee and to have worked alongside EXP Realty in this successful transaction," said Nevarez, Founder of The Nevarez Group. "This sale demonstrates the strength of Beverly Hills' hotel market and the power of collaboration in navigating complex sales. Despite the challenges, we were able to generate multiple offers and close this deal in record time, showcasing our ability to deliver results for both sellers and buyers."
As the only female broker at Marcus & Millichap to achieve the prestigious Chairman Circle of Excellence in the company's 52+ year history, Nevarez continues to set industry standards with her extensive experience and expertise in hospitality brokerage.
The sale of the SIRTAJ Hotel reflects not only the demand for premium properties in Beverly Hills but also Nevarez's proven track record in delivering high-profile transactions through strategic partnerships and industry collaboration.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.