Stockdale Capital Partners Acquires Santa Monica Hotel From Columbia Sussex For $75M
SOLD
$75,000,000
California
See Similar DealsHotel134,495 SF
Sold 05/20/2021
SOLD
Stockdale Capital Partners Acquires Santa Monica Hotel From Columbia Sussex For $75M
1740 Ocean Avenue, Santa Monica, CA 90401
See Similar DealsHotel134,495 SF
Sold 05/20/2021
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$557
Total Square Footage:134,495 SF
Transaction Type:Sale
1740 Ocean Avenue in Santa Monica has been sold in a recent transaction. The property, which is a hotel, was sold by seller Columbia Sussex to buyer Stockdale Capital Partners, represented by Shawn & Steven Yari. The sale price for this transaction was $75,000,000. The hotel consists of 1,175 keys with a price per key of $63,829.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Address: 1740 Ocean Avenue
- Market: Santa Monica
Shawn & Steven Yari of Stockdale Capital Partners were the buyers in this transaction, while Columbia Sussex served as the seller. The sale of this property highlights the strong activity in the Santa Monica market and the interest in hotel assets.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16
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