Updated Dec 4, 2024
AJ Patel Acquires Hotel From Bankruptcy Court In Beverly Hills For $14 Million
120 Reeves Drive
$14,000,000
$881/SF
Building Size
15,877 SF
Asset Type
Hotel
Closing
Oct 11, 2024
About this deal
AI
The hotel asset located at 120 Reeves Drive in Beverly Hills has been sold for $14,000,000. This property spans 15,877 square feet, translating to a price per square foot of approximately $881. It marks the first hotel sale in Beverly Hills since 2021.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $14,000,000
- Address: 120 Reeves Drive
- Market: Beverly Hills
- Square Footage: 15,877
- Price Per Square Foot: $881
- Buyer: AJ Patel
- Seller: Bankruptcy Court
- Broker: Eddy Nevarez, Marcus & Millichap
Eddy Nevarez, representing Marcus & Millichap, has over 15 years of expertise in hotel investments and is noted for being the first female to reach the Chairman Circle of Excellence at the agency within 52 years. For hotel inquiries, he can be contacted at 818-339-6506.
On the Map
$14,000,000
$881/SF
Hotel
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Beverly Hills 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93