Jay And Vivek Corp Acquires Hotel In Saint Petersburg For $11.8M
SOLD
$11,800,000
Florida
See Similar DealsHotel73,225 SF
Sold 11/27/2021
SOLD
Jay And Vivek Corp Acquires Hotel In Saint Petersburg For $11.8M
1200 34th St N, St. Petersburg, FL, USA
See Similar DealsHotel73,225 SF
Sold 11/27/2021
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$161
Total Square Footage:73,225 SF
Transaction Type:Sale
The hotel located at 1200 34th St. N in Saint Petersburg has been sold in a recent transaction. The property, a 129-unit hotel with a total area of 73,225 square feet, was purchased by Jay and Vivek Corp for a sale price of $11,800,000. The hotel is part of the IHG Hotel Group.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $11,800,000
- Units: 129
- Price Per Unit: $91,473
- Square Footage: 73,225
- Price Per Square Foot: $161
- Date: 11/27/2021
- Market: Saint Petersburg
The sale was facilitated by IHG Hotel Group's representative, Keith Barr. Jay and Vivek Corp, as the buyers, acquired the property from IHG Hotel Group. The transaction marks a significant milestone in the hospitality market of Saint Petersburg.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$629,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,922.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,938.02
Annual Debt Service$671,256.24
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