Marcus & Millichap has arranged the sale of the Knights Inn (formerly known as the Buccaneer Beach Motel) located in Panama City, Fla, for $2,350,000. Built in 1960 at 711 West Beach Drive, the 101 room hotel sits on a 3.2 acre parcel of land. It’s a five-building, two-story, full-service motel the asset with over 800-feet of direct frontage on Saint Andrew’s Bay and includes a private beach and dock. David M. Greenberg and David Altman of Marcus & Millichap’s Fort Lauderdale office represented both the seller and buyer of the property, which were not disclosed.
“The buyer of the property saw a great opportunity to convert the hotel to a senior living facility, due to its waterfront location and close proximity to downtown Panama City, County and Federal Court Houses, Gulf Coast Regional Medical Center and Bay Medical Center,” said David Altman. “Also included in the sale was a 12,500-square foot restaurant, most recently operated by Panama Café.”
