Northwestern Memorial HealthCare Acquires 3.5-Acre Naples Hotel Site For $24.5M
1100 Tamiami Trail N, Naples, FL 34102, USA
$24,500,000
Building Size
—
Asset Type
Hotel
Closing
May 1, 2023
About this deal
AI
A 3.5-acre parcel in Naples, Florida, has been sold for $24.5 million. The buyer, Northwestern Memorial HealthCare, a Chicago medical group affiliated with Northwestern University Feinberg School of Medicine, has acquired the property with plans to develop it into an outpatient facility. The site, located at 1100 Tamiami Trail N, was formerly the site of the Collins Hotel.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $24,500,000
- Market: Naples
- Acres: 3.5
- Buyer: Northwestern Memorial HealthCare - Christopher King
The acquisition aligns with Northwestern Medicine's long-term growth strategy to bring world-class care closer to patients' residences. The future outpatient facility will offer various clinical offerings, providing convenient healthcare services to the community.
Players
Miami Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93