Marcus & Millichap Sells Salem Days Inn Hotel For $3.1M

The Days Inn in Salem, VA, was sold for $3.1 million in a transaction facilitated by Marcus & Millichap. The hotel property located at 1535 East Main Street consists of 70 keys, with a price per key of $44,286. The sale took place on March 29, 2024, making it the fifth hotel transaction in Virginia for Marcus & Millichap within the last nine months.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $3,100,000
• Address: 1535 East Main Street
• Market: Salem, VA
• Brokers: Brian Hosey, Chase Dewese, Jack Davis, Joce Messinger & Milin Mehta - Marcus & Millichap
• Keys: 70
• PPK: $44,286

The team at Marcus & Millichap, led by brokers Milin Mehta, Chase Dewese, Jack Davis, and Joce Messinger, successfully managed the marketing and sale of the Days Inn in Salem. Their expertise in investment sales was pivotal in securing a buyer for the property. The deal showcases the brokerage's proficiency in hotel transactions within the Virginia market.