FARGO, N.D. — A locally based private real estate investor has acquired a two-property hospitality portfolio in Fargo for $30 million. The portfolio includes the Holiday Inn and a Holiday Inn Express that contain a total of 387 units.
The hotels are situated at the intersection of Interstate 29 and 13th Avenue South, directly across from West Acres Mall, the state’s largest regional mall.
The Holiday Inn has undergone more than $10 million in renovations since 2000, including a complete guest room remodel in 2006. Both hotels come with 15-year licenses that expire in 2030.
Shane Skubis of Marcus & Millichap represented both the buyer and seller, a Los Angeles-based private equity group, in this transaction. Craig Patterson is Marcus & Millichap’s broker of record in North Dakota.