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Nrupenbhai & Jatinbhai Patel Acquire Ontario Hotel For $16M

Property Image
SOLD
$16,000,000

California

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Hotel53,820 SF
Sold 09/14/2023
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Property Image
SOLD

Nrupenbhai & Jatinbhai Patel Acquire Ontario Hotel For $16M

231 North Vineyard Avenue

See Similar Deals
Hotel53,820 SF
Sold 09/14/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$297
Total Square Footage:53,820 SF
Transaction Type:Sale

A 120-room hotel located at 231 North Vineyard Avenue in Ontario has been sold for $16 million. The property offers furnished units, amenities, and convenient access to major highways and nearby attractions. The hotel has a total square footage of 53,820, resulting in a price per square foot of $297. The transaction took place on September 14, 2023, in the Ontario market.

Summary of Transaction Details:

  • Property Type: Hotel
  • Transaction Amount: $16,000,000
  • Address: 231 North Vineyard Avenue, Ontario
  • Market: Ontario

Nrupenbhai and Jatinbhai Patel acquired the hotel through their entity. They secured financing of $10.38 million from State Bank of India for the purchase. The involvement of a lender indicates the financial aspect of the transaction. Despite the decline in hotel sales across California, the Patel's entity saw the potential in this property with its desirable features and location.

Players

State Bank of India
State Bank of India
LENDER

Details

SOLD
IMAGE: 09/14/2023 ADDRESS: 231 North Vineyard Avenue MARKET: Ontario ASSET TYPE: Hotel BUYER: Nrupenbhai & Jatinbhai Patel LENDER: State Bank of India (@theofficialsbi) SALE PRICE: $16,000,000 KEYS: 120 ~ PPK: $133,333 SF: 53,820 ~ PPSF: $297 NOTE: Nrupenbhai and Jatinbhai Patel's entity purchased a 120-room Ontario hotel for $16 million with $10.38 million in State Bank of India financing. Despite a decline in hotel sales across California, this property offers furnished units, amenities, and easy access to major highways and nearby attractions.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$853,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95