Hyatt Hotels Corp. Acquires Hotel In Big Sur For $148M
SOLD
$148,000,000
California
See Similar DealsHotel10,538,470 SF
Sold 06/15/2021
SOLD
Hyatt Hotels Corp. Acquires Hotel In Big Sur For $148M
48123 Highway 1, Big Sur, CA, USA
See Similar DealsHotel10,538,470 SF
Sold 06/15/2021
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$14
Total Square Footage:10,538,470 SF
Transaction Type:Sale
Hyatt Hotels Corp., led by Mark S. Hoplamazian, has acquired a hotel property in Big Sur, located at 48123 Highway One. The transaction was completed on June 15, 2021. The hotel, which is situated in a picturesque coastal market, offers a total of 59 rooms, 63 camping areas, and 15 tent cabins.
Summary of Transaction Details
- Property Type: Hotel
- Transaction Amount: $148,000,000
- Address: 48123 Highway One, Big Sur
- Buyer: Hyatt Hotels Corp. - Mark S. Hoplamazian
- Seller: Geolo Capital
The sale involved the buyer, Hyatt Hotels Corp., represented by Mark S. Hoplamazian, and the seller, Geolo Capital. The hotel property, which offers a variety of accommodation options including rooms, camping areas, and tent cabins, presents an exciting investment opportunity for Hyatt Hotels Corp.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,893,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$525,812.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$701,595.51
Annual Debt Service$8,419,146.07
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