Laramar Group Acquires Royal Palace Motel In Denver For $7.3M
1565 Colorado Boulevard
$7,300,000
Units
153
Asset Type
Hotel
Closing
Jan 16, 2024
About this deal
AI
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
Denver 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
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93