Chase Patel's Sage Development Group Acquires Jacksonville Beach & Jacksonville Hotels For $31.3M
1220 Marsh Landing Pkwy Jacksonville Beach, FL 32250
$31,300,000
Building Size
—
Asset Type
Hotel
Closing
Aug 10, 2023
AI
The Hampton Inn in Jacksonville Beach, located at 1220 Marsh Landing Parkway, has been sold for $19.2 million. The buyer, Chase Patel of Sage Development Group, acquired the property from the Naples Hotel Group. The hotel features 221 keys and has a price per key of $141,629.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $19,200,000
- Address: 1220 Marsh Landing Parkway
- Market: Jacksonville Beach
- Buyer: Chase Patel - Sage Development Group
- Seller: Naples Hotel Group
- Keys: 221
- Price per Key: $141,629
In a separate transaction, the Holiday Inn Express & Suites in Jacksonville, located at 4791 Windsor Commons Court, was sold for $12.1 million. The buyer, also associated with Chase Patel of Sage Development Group, purchased the property from the Naples Hotel Group.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $12,100,000
- Address: 4791 Windsor Commons Court
- Market: Jacksonville
- Buyer: Chase Patel - Sage Development Group
- Seller: Naples Hotel Group
The combined sales of these two Jacksonville hotels amounted to a total of $31.3 million. Both deals involved buyer LLCs associated with Chase Patel and were facilitated by the Naples Hotel Group as the seller.
Players
Jacksonville 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
0.51%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93