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South Street Partners Acquires Sawgrass Marriott Golf Resort & Spa In Ponte Vedra Beach For $148.04M
SOLD
$148,040,000
+ 1
Florida
See Similar DealsHotel
Sold
SOLD
South Street Partners Acquires Sawgrass Marriott Golf Resort & Spa In Ponte Vedra Beach For $148.04M
1000 Tpc Blvd
See Similar DealsHotel
Sold
+ 1
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The asset involved in this transaction is a hotel located at 1000 Tpc Blvd in Ponte Vedra Beach. The property includes a total of 511 keys and is positioned within a desirable market for luxury golf destinations. The sale was executed for a total of $148,040,000, with a price per key of $289,706, highlighting its value within the hospitality sector.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $148,040,000
- Buyer: Patrick Melton, Jordan Phillips & Chris Randolph - South Street Partners
- Seller: Bruce Flatt - Brookfield
- Location: 1000 Tpc Blvd, Ponte Vedra Beach
- Keys: 511
- Price per Key: $289,706
South Street Partners acquired both the Sawgrass Marriott Golf Resort & Spa and the Cabana Beach Club from Brookfield Corp. This acquisition aims to enhance their portfolio of luxury golf destinations within the Southeastern United States.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,895,466.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$525,954.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$701,785.13
Annual Debt Service$8,421,421.52
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