Cushman & Wakefield Brokers Facilitate $18M Hotel Sale In Los Angeles
SOLD
$18,000,000
California
See Similar DealsHotel70,744 SF
Sold 11/23/2022
SOLD
Cushman & Wakefield Brokers Facilitate $18M Hotel Sale In Los Angeles
124 East Olympic Boulevard
See Similar DealsHotel70,744 SF
Sold 11/23/2022
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$254
Total Square Footage:70,744 SF
Transaction Type:Sale
The Mama Shelter Hotel located at 124 East Olympic Boulevard in Los Angeles has been sold for a total price of $18,000,000. The hotel spans an area of 70,744 square feet, resulting in a price per square foot of $254. The property was acquired by Kevin Wadhwani from the seller, Jamison Services.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $18,000,000
- Address: 124 East Olympic Boulevard
- Market: Los Angeles
- Square Footage: 70,744
- Price per Square Foot: $254
The deal was facilitated by the brokers Mike Condon Jr, Erick Finck, Mckenna Gaskill, Connor Martin, and Rob Hooks of Cushman & Wakefield, who represented both the buyer and the seller in the transaction. They played a crucial role in ensuring a smooth and successful deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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