Travelodge New Orleans Hotel Trades via Auction

Travelodge New Orleans West

HARVEY, La. – Marcus & Millichap announced the sale of the Travelodge by Wyndham – New Orleans West, a 212-room hospitality property located in Harvey, La. The two-story asset sold for $4,495,000.

“We are thrilled to have facilitated the sale of the Travelodge by Wyndham by leveraging the auction platform RI Marketplace,” said David Altman, first vice president investments. “Our comprehensive marketing efforts generated significant interest, with nearly 10 registered bidders. This reflects the high level of demand and investor confidence in this great property and the hotel industry. In addition to the purchase price, the buyer plans to enhance the guest experience by investing over one million renovating this hotel.”

Altman, an investment specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Hong Park of New York. Altman collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s commercial property auction division to market the asset. Ronak Patel of Missouri purchased the property. Chris Shaheen, Marcus & Millichap’s Broker of Record in Louisiana, assisted in closing this transaction.

Constructed in 1971 on 3.77 acres, the 125,539-square-foot hotel is located at 2200 Westbank Expressway off of U.S. 90.

Marcus & Millichap is a California-based commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.

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