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Laramar Group Acquires Royal Palace Motel In Denver For $7.3M
SOLD
$7,300,000
Colorado
See Similar DealsHotel
Sold 01/16/2024
SOLD
Laramar Group Acquires Royal Palace Motel In Denver For $7.3M
1565 Colorado Boulevard
See Similar DealsHotel
Sold 01/16/2024
Summary
COLORADO
Asset Type:Hotel
Transaction Type:Sale
Laramar Group has acquired the closed Royal Palace Motel at 1565 N. Colorado Blvd. in Denver, CO for $7.3 million. The property is a hotel asset and the transaction took place on January 16, 2024.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $7,300,000
- Address: 1565 N. Colorado Blvd., Denver, CO
- Market: Denver, CO
The buyer in this transaction is Jeffrey Elowe, representing the Laramar Group. Meanwhile, the seller is Jeff Oberg. The Laramar Group plans to develop a six-story apartment building with at least 153 units on the acquired property.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$389,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,935.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,605.72
Annual Debt Service$415,268.69
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