Norfolk inn sells for $1.65M
The 62-room Americas Best Value Inn Norfolk sold
The Americas Best Value Inn Norfolk has sold for $1.65 million, commercial real estate brokerage firm Marcus & Millichap announced Friday.
Built in 1959, the 62-room property sits on a one-acre lot at 1850 E. Little Creek Rd. in Norfolk. Maharishi Dayanand Investment Inc. sold the property to Parmeshwari LLC through a 1031 exchange, which allows the seller to avoid paying capital gains taxes when selling an investment property and reinvesting the proceeds in another property of like kind or greater value.
“We were happy to assist in satisfying the purchaser’s 1031 exchange requirements with this transaction,” Nic Wade, an associate in Marcus & Millichap’s Richmond office, said in a statement. “Norfolk proves to be a recession-resistant market, as the hotel occupancy was up year-over-year despite COVID-19.”
Wade and Prashant Merchant, vice president in Marcus & Millichap’s Richmond office, marketed the property on behalf of the seller and secured and represented the buyer.