Veeder Hospitality Associates LLC sold Courtyard Billings — a four-story, 137-room hotel serving both leisure and business travelers — to InterMountain Management for $30M, plus $500K for a liquor license.
Property: Courtyard Billings in Billings, Mont.
Price: $30M (+$500K liquor license)
Seller: Veeder Hospitality Associates LLC
Buyer: InterMountain Management
“InterMountain Management was attracted to Courtyard Billings because it perfectly fits their portfolio of institutional-quality, premium-branded select-service hotels. The property’s new construction and affiliation with the Courtyard by Marriott brand help reduce near-term capital expenditure risks and align with their operational strengths,” said Skyler Cooper, senior managing director investments at Marcus & Millichap, who represented the seller and procured the buyer.
Built in 2024, Courtyard Billings is located near Interstate 90, Billings Logan International Airport and the Yellowstone Art Museum. It features meeting and event spaces, a restaurant and fitness and business centers. Major employers in the area include St. Vincent Healthcare, First Interstate Bank, ConocoPhillips and ExxonMobil.
“The location — near I-90, the airport and key employers — offers balanced corporate and leisure demand. Overall, it was a low-risk, high-quality asset that complemented the buyer’s existing holdings and strategy for stable, long-term growth,” said Cooper.
According to Cooper, the sale was especially noteworthy given current market conditions.
“The Montana hospitality market, and Billings specifically, have seen limited transaction activity over the past 18 months, largely due to elevated interest rates and tightening buyer underwriting standards. This successful closing of a premium-branded, newly constructed asset in a secondary market showcases continued investor appetite for institutional-quality product when priced correctly. It also reflects growing confidence in Montana’s long-term fundamentals, where tourism, health care and energy remain durable demand drivers,” he said.
