Summit Hotel Properties Acquires Brickell Hotel For $89M
115 SW 8th St, Miami, Florida 33130, United States
$89,000,000
Building Size
—
Asset Type
Hotel
Closing
Jun 12, 2022
About this deal
AI
An $89 million hotel located at 115 SW 8th Street in Brickell has been sold. The transaction was completed on 06/13/20202, and the property was purchased by Summit Hotel Properties. The buyer's representative in this deal was Jonathan Stanner.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $89,000,000
- Market: Brickell
- Address: 115 SW 8th Street
This sale involved a hotel with a total of 264 keys. The price per key was approximately $337,121.
The hotel sale at 115 SW 8th St, Miami, Florida 33130, United States in Miami, Florida sold for $89M in 2022. 115 SW 8th St, Miami, Florida 33130, United States is classified as Hotel on Traded. Named participants on the 115 SW 8th St, Miami, Florida 33130, United States sale are Jonathan Stanner. This page is the Miami, Florida file for the 115 SW 8th St, Miami, Florida 33130, United States hotel sold: pricing, party profiles, and other closed hotel comps from the same Miami sit in the Market section below. Filter that Miami hotel set by closing date to see what else sold near 115 SW 8th St, Miami, Florida 33130, United States around 2022. Published consideration for 115 SW 8th St, Miami, Florida 33130, United States is $89M, dated 2022. Cite this Summit Hotel Properties Acquires Brickell Hotel For $89M sale when underwriting similar hotel product around Miami, Florida.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93