Ben Mallah Acquires Treasure Island Hotel For $18.15M
SOLD
$18,150,000
Florida
See Similar DealsHotel42,882 SF
Sold 01/24/2023
SOLD
Ben Mallah Acquires Treasure Island Hotel For $18.15M
11125 Gulf Boulevard
See Similar DealsHotel42,882 SF
Sold 01/24/2023
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$423
Total Square Footage:42,882 SF
Transaction Type:Sale
A hotel located at 11125 Gulf Boulevard in Treasure Island has been sold for a transaction amount of $18,150,000. The property spans 42,882 square feet, resulting in a price per square foot of $423. The sale was completed on January 24, 2023.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $18,150,000
- Address: 11125 Gulf Boulevard
- Market: Treasure Island
- Square Footage: 42,882
- Price per Square Foot: $423
The buyer of the hotel was Ben Mallah, while the seller was Bill Bowen. Ahmed Kabani and Kian Mclean from Marcus & Millichap - Kabani Hotel Group represented the buyer in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$967,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$64,483.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$86,040.26
Annual Debt Service$1,032,483.12
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