RICHMOND, Va. – January 7, 2021 – Colliers International Virginia is pleased to announce the addition of Prashant Merchant and Nic Wade to Richmond’s Capital Markets team. Merchant joins as senior vice president and Wade joins as assistant vice president.
“We’re thrilled to welcome Prashant and Nic to our Capital Markets team. They bring a diverse portfolio to our firm and are proven leaders in the hospitality space.” said Joe Marchetti, managing director.
Merchant and Wade will be focusing on the analysis and disposition of hotels and motels in the Mid-Atlantic region, with an emphasis on exclusive seller representation. Despite the challenges implicated by COVID-19, the duo has successfully facilitated numerous hotel transactions since the pandemic’s onset.
“We are extremely excited to be a part of Colliers International and would like to leverage the firm’s long-standing presence in the Mid-Atlantic region to bring clients lucrative opportunities in the hospitality industry,” said Merchant. “Recently, the pandemic has had a profound impact on hotels and as a result, we see conversion opportunities which should bring investors from various real estate asset types to the hotel space. Having teamed up with Colliers now allows us to add value to our investors by bringing an entire new asset type to the table.”
Prior to Colliers, Merchant and Wade were formerly with Marcus and Millichap where they led the firm’s hospitality division in its regional investment sales efforts. Together, they provided their clients with access to the largest pool of qualified investors and created a competitive bidding environment with maximum exposure.
“Our goal is to increase Colliers’ presence in the hospitality investment sales space by continuing to provide clients with hotel disposition and acquisition opportunities,” offered Wade. “We look forward to building upon Colliers’ market share and reputation in the Mid-Atlantic region as a leading real estate investment sales platform.”
Merchant is a graduate of the Kelley School of Business at Indiana University. He is also a principal of a Wyndham Worldwide property in Downtown Norfolk. Wade is a graduate of Christopher Newport University.