Fairfield Inn and Suites on Maynard sold | News, Sports, Jobs
Marcus and Millichap recently announced the sale of Fairfield Inn and Suites Williamsport, an 83-room hospitality property on Maynard Street, according to Harrison E. Rein, regional manager of the firm’s Miami office. The asset sold for $4.61 million.
“The transaction was very smooth. We were able to procure a first-time buyer to purchase the property in a market rebounding from COVID. The buyer saw the opportunity in an underperforming asset and over $2.5mm in deferred maintenance,” said Ahmed Kabani, senior managing director investments, according to a news release.
Mahaveer LLC bought the property, the Sun-Gazette reported in its real estate transaction in early December.
Kabani and Lucas Mondino, investment specialists in Marcus and Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Marcus and Millichap is, according to the news release, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services. Sean Beuche, regional manager and broker, assisted in closing this transaction.
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