Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the 67-room Hotel Indigo in Fort Myers, Florida. The asset sold for $9,325,000.

“The iconic Hotel Indigo is arguably the most desirable hotel in downtown Fort Myers’ River District,” says Jonathan Ruprai, senior director of Marcus & Millichap’s National Hospitality Group. “Over the past several years, increased demand for overnight accommodations in the River District, fueled by growing business and leisure travel generators, have created significant growth for this asset. The buyer plans to further improve the property’s impressive performance through renovations and the implementation of a strategic management and marketing plan.”

Ruprai had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, Iowa-based Hawkeye Hotels, in a joint venture with Georgia-based HOS Management.

The seven-story Hotel Indigo is within walking distance of numerous local attractions. Constructed in 2009, the hotel features 60 guest rooms, seven suites, a rooftop pool and bar, a lobby bar, valet parking, a fitness center and other modern amenities.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com