Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Ramada Augusta Fort Gordon, a 148-room hotel located in Augusta, Georgia. The property sold for an undisclosed price.

Jack Davis, Chase Dewese, Joe Simpson and Joce Messinger, investment advisors with the DDM Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, T.R. Management Corporation. The buyer in the transaction was Pace Living.

“This is an interesting transaction, as the buyer is a multifamily group who intends to convert the hotel into apartments,” says Davis.

Ramada Augusta Fort Gordon is located at 2155 Gordon Highway in Augusta. Built in 1986 on 6.13 acres, it is positioned conveniently off Interstate 520, only three miles away from Fort Gordon and eight miles away from Augusta National Golf Club. The property will undergo renovation as part of the conversion process.