WPH Properties LLC Acquires Miami Beach Hotel For $43.8M
1050 Washington Avenue, Miami Beach, FL, USA
$43,800,000
$2,009/SF
Building Size
21,800 SF
Asset Type
Hotel
Closing
Feb 23, 2021
About this deal
AI
WPH Properties LLC, represented by Jean Simonian, has acquired a hotel located at 1050 Washington Ave in Miami Beach. The property was sold by Ladder Capital for a total of $43,800,000. The transaction took place on February 24, 2021.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $43,800,000
- Address: 1050 Washington Ave, Miami Beach
- Buyer: WPH Properties LLC - Jean Simonian
- Seller: Ladder Capital
- Brokers: Max Comess, Rudy Reudelhuber & Alexandra Lalos - Hodges Ward Elliott
Max Comess, Rudy Reudelhuber, and Alexandra Lalos from Hodges Ward Elliott represented the buyer, WPH Properties LLC, in this transaction. They played a crucial role in facilitating the deal between the buyer and the seller, Ladder Capital. With a total of 181 keys, the hotel has a price per key of $241,989.
On the Map
$43,800,000
$2,009/SF
Hotel
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Players
Miami Beach 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93