Marcus & Millichap Sells Palm Beach Gardens Hotel For $12.03M
11360 US Route 1, Palm Beach Gardens, Florida 33408, United States
$12,030,000
Building Size
—
Asset Type
Hotel
Closing
Sep 24, 2022
AI
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
North Palm 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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93