facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

Florida

/

Hotel

/

Sale

/

1220 Marsh Landing Pkwy Jac...

Chase Patel's Sage Development Group Acquires Jacksonville Beach & Jacksonville Hotels For $31.3M
SOLDHotel

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

SG
Sage Development GroupBuyer

Jacksonville Beach Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

Loading comparables…

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