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Fine Hospitality Group Acquires Hampton Inn & Suites Moreno Valley From Blackstone For $19M
SOLD
$19,000,000
California
See Similar DealsHotel
Sold 12/12/2023
SOLD
Fine Hospitality Group Acquires Hampton Inn & Suites Moreno Valley From Blackstone For $19M
12611 Memorial Way
See Similar DealsHotel
Sold 12/12/2023
Summary
CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale
The 115-room Hampton Inn & Suites Moreno Valley, located at 12611 Memorial Way in Moreno Valley, has been sold in a transaction worth $19 million. The buyer, Fine Hospitality Group, represented by Ken Pansuria, acquired the property from the seller, Blackstone, represented by Stephen Schwarzman. The sale took place on 12/12/2023 in Moreno Valley's hotel market.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $19,000,000
- Address: 12611 Memorial Way
- Market: Moreno Valley
- Buyer: Fine Hospitality Group - Ken Pansuria
- Seller: Blackstone - Stephen Schwarzman
Fine Hospitality Group's acquisition of the Hampton Inn & Suites Moreno Valley from Blackstone for $19 million signals activity in the Inland Empire's hotel market, despite a slowdown in California's overall hotel deals. The property stands out for its amenities and strategic location near State Route 60 and Interstate 215.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,013,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32
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