WASHINGTON, D.C. – April 12, 2018 – Berkadia today announced the sale of the Residence Inn by Marriott in Cape Canaveral, Florida. The sale represented record pricing in the Cape Canaveral/Cocoa Beach market. Managing Directors Dave Weymer and Mark Morris along with Senior Director Matt Bailly of Berkadia’s Hotels & Hospitality group, and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office, together completed the transaction on behalf of Baltimore-based Alex. Brown Realty, Inc. and Chevy Chase, Maryland-based Capstone Development. The deal closed on March 28.

“This property generated strong interest among buyers, given its extended-stay segmentation, strong track record and desirable location within Florida’s booming Space Coast, which has experienced strong growth in the recent years,” said Weymer. “With this sale, Alex. Brown Realty and Capstone Development capitalized on a timely opportunity to create value. The property will continue to deliver value for the new owner well into the future. The area is home to not just the Cape Canaveral Air Force Station and Kennedy Space Center, but leading aerospace companies including Boeing, SpaceX, Blue Origin and Lockheed Martin.”

“Investors love the extended-stay sector due to their operational efficiencies and strong net income,” said Bailly. “We have a dozen other extended-stay hotels for sale that are equally compelling.”

The Residence Inn by Marriott Cape Canaveral is located at 8959 Astronaut Boulevard, close to both the Kennedy Space Center and Port Canaveral, as well as local attractions including Cocoa Beach, the Brevard Zoo, KSC Visitors Center and Cocoa Village. The all-suite property offers a wide variety of amenities, including complimentary breakfast, a fitness center, a full-service business center and free high-speed internet.

Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.