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Marcus & Millichap Sells Palm Beach Gardens Hotel For $12.03M

Property Image
SOLD
$12,030,000
McLean Hicklin
Leo Reilly
Robert Hunter

Florida

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Hotel
Sold 09/25/2022
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Property Image
SOLD

Marcus & Millichap Sells Palm Beach Gardens Hotel For $12.03M

11360 US Route 1, Palm Beach Gardens, Florida 33408, United States

See Similar Deals
Hotel
Sold 09/25/2022
McLean Hicklin
Leo Reilly
Robert Hunter
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

A hotel located at 11360 U.S. Highway 1 in Palm Beach Gardens has been sold for $12,030,000. The transaction took place on September 25, 2022. The hotel consists of 83 keys and has a price per key of $144,940. The sale was facilitated by Robert S. Hunter, Leo Reilly, and McLean Hicklin of Marcus & Millichap.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $12,030,000
  • Address: 11360 U.S. Highway 1, Palm Beach Gardens
  • Market: Palm Beach Gardens
  • Keys: 83
  • Price Per Key: $144,940

Robert S. Hunter, Leo Reilly, and McLean Hicklin from Marcus & Millichap were the brokers involved in the sale of the hotel.

Players

Robert Hunter
Marcus & Millichap
Robert Hunter
18 deals$190.4M volume
BROKER
Leo Reilly
Marcus & Millichap
Leo Reilly
10 deals$140.5M volume
BROKER
McLean Hicklin
Marcus & Millichap
McLean Hicklin
5 deals$53.1M volume
BROKER

Details

SOLD
IMAGE: Leo Reilly, Robert S. Hunter & McLean Hicklin DATE: 09/25/2022 ADDRESS: 11360 U.S. Highway 1 MARKET: Palm Beach Gardens ASSET TYPE: Hotel BROKERS: Robert S. Hunter, Leo Reilly & McLean Hicklin (@Mclean_Hicklin) - Marcus & Millichap (@MarcusMillichap_Fl) SALE PRICE: $12,030,000 KEYS: 83 ~ PPK $144,940

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$641,599.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$42,740.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,028.34
Annual Debt Service$684,340.05