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John Butler Acquires Aloft Glendale Hotel For $23.75M In Glendale, AZ
SOLD
$23,750,000
Arizona
See Similar DealsHotel
Sold 03/18/2024
SOLD
John Butler Acquires Aloft Glendale Hotel For $23.75M In Glendale, AZ
6920 North 93rd Avenue
See Similar DealsHotel
Sold 03/18/2024
Summary
ARIZONA
Asset Type:Hotel
Transaction Type:Sale
The asset involved in the transaction is the 100-room Aloft Glendale at Westgate hotel located at 6920 North 93rd Avenue in Glendale, Arizona. The property was sold for $23.75 million, with each unit costing $237,500.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $23,750,000
- Address: 6920 North 93rd Avenue
- Market: Glendale, AZ
- Buyer: John Butler - Bradford Allen Hospitality Investments
- Seller: Richard E. Huffman - HCW Hospitality & Development
- Broker: Cushman & Wakefield
- Keys: 100
- PPK: $237,500
Bradford Allen Hospitality Investments has acquired the Aloft Glendale at Westgate hotel in Glendale, Arizona, from Richard E. Huffman of HCW Hospitality & Development. John Butler of Bradford Allen Hospitality Investments represented the buyer in this transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$84,378.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$112,587.12
Annual Debt Service$1,351,045.40
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