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7142 East 1st Street

Dynamic City Capital Acquires Canopy By Hilton Scottsdale Old Town Hotel For $102M
SOLDHotel

Dynamic City Capital Acquires Canopy By Hilton Scottsdale Old Town Hotel For $102M

7142 East 1st Street

$102,000,000

Building Size

Asset Type

Hotel

Closing

Sep 26, 2023

AI

The Canopy by Hilton Scottsdale Old Town, a 177-room hotel located at 7142 East 1st Street in Scottsdale, AZ, has been sold in a significant hotel transaction. The buyer, Dynamic City Capital, acquired the property from Miller Global Properties - James Miller for nearly $102 million.

Summary of transation details

  • Property Type: Hotel
  • Transaction Amount: $102,000,000
  • Address: 7142 East 1st Street, Scottsdale, AZ
  • Market: Scottsdale, AZ

This deal marks one of the major hotel transactions in the Phoenix area this year. The Canopy by Hilton Scottsdale Old Town is now under the ownership of Dynamic City Capital, further expanding their portfolio in the hospitality industry.

Players

DC
Dynamic City CapitalBuyer

Scottsdale Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.16%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93