Updated Oct 28, 2024
Park Hotels & Resorts Sells Hotel Portfolio In San Diego And Washington, DC For $149M
509 Ninth Avenue, San Diego, CA, USA
$149,000,000
Units
414
Asset Type
Hotel
Closing
May 9, 2021
About this deal
AI
Two hotel properties have recently been sold in separate transactions in San Diego and Washington, DC. The first property is located at 509 Ninth Ave. in San Diego, while the second property is situated at 140 L. St. SE in Washington, DC. Both properties are characterized as hotels.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $149,000,000
- Units: 414
- Price per Unit (PPU): $360,000
Park Hotels & Resorts, represented by Thomas J. Baltimore, Jr., sold the properties for a combined sale price of $149,000,000. The hotels consist of a total of 414 units, resulting in a price per unit of $360,000.
On the Map
$149,000,000
Hotel
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Escondido Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93