NexGen Hotel Acquires Holiday Inn St. Petersburg West In $18.75M Deal
1200 34th Street North
$18,750,000
Building Size
—
Asset Type
Hotel
Closing
Nov 28, 2023
About this deal
AI
NexGen Hotel, based in Schaumburg, Illinois, has purchased the 129-room Holiday Inn St. Petersburg West in Florida for $18.75 million. The hotel is located at 1200 34th Street North and is known for its amenities including an outdoor heated pool, fitness center, and full-service restaurant. The property was sold on November 28, 2023, in the St. Petersburg market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $18,750,000
- Address: 1200 34th Street North - The Holiday Inn
- Market: St. Petersburg
Chris Patel from NexGen Hotel represented the buyer in this transaction. The financing for the purchase was provided by OptimumBank for a total amount of $12,915,000. Genuine Hospitality Group of St. Louis will manage the hotel post-acquisition.
On the Map
$18,750,000
Hotel
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Saint Petersburg Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.85%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93