SOLDHotel
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
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.
Miami 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93