CitiBank Provides $232M Loan To Hersha Hospitality Management For Miami Beach Hotel
3925 Collins Avenue, Miami Beach, Florida 33140, United States
$232,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 18, 2022
AI
An elegant hotel located at 3925 Collins Avenue in Miami Beach was recently involved in a significant transaction. The property, known for its upscale amenities, was sold for a noteworthy amount of $232,000,000. This transaction highlights the attractiveness of the Miami Beach market for hotel investments.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $232,000,000
- Address: 3925 Collins Avenue
- Market: Miami Beach
Hersha Hospitality Management, represented by Hasu & Jay Shah, served as the landlord in this transaction. It is worth noting that citibank''>CitiBank acted as the lender, providing the substantial loan amount.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93