AJ Patel Acquires Hotel From Bankruptcy Court In Beverly Hills For $14 Million
SOLD
$14,000,000
California
See Similar DealsHotel15,877 SF
Sold 10/11/2024
SOLD
AJ Patel Acquires Hotel From Bankruptcy Court In Beverly Hills For $14 Million
120 Reeves Drive
See Similar DealsHotel15,877 SF
Sold 10/11/2024
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$881
Total Square Footage:15,877 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$746,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,739.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,367.14
Annual Debt Service$796,405.71
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