facebook
Traded Co logo
Submit

Hiren Patel, Neal Patel & Sanjay Patel Of MHG Hotels Acquire Boca Raton Hotel For $15.5M

Property Image
SOLD
$15,500,000

Florida

See Similar Deals
Hotel110,000 SF
Sold 07/29/2024
the dealplayerscompscontact
Property Image
SOLD

Hiren Patel, Neal Patel & Sanjay Patel Of MHG Hotels Acquire Boca Raton Hotel For $15.5M

1455 Yamato Road

See Similar Deals
Hotel110,000 SF
Sold 07/29/2024
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$140
Total Square Footage:110,000 SF
Transaction Type:Sale

The transaction involves the sale of a hotel located at 1455 Yamato Road in Boca Raton. The sale price was $15,500,000 for an asset comprising approximately 110,000 square feet, resulting in a price per square foot of $140. The hotel is set to undergo an additional renovation of $5 million and will continue to operate as a Hampton Inn by Hilton.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $15,500,000
  • Address: 1455 Yamato Road
  • Market: Boca Raton
  • Square Footage: 110,000
  • Price Per Square Foot: $140
  • Buyer: Hiren Patel, Neal Patel & Sanjay Patel - MHG Hotels
  • Seller: Hospitality Investors Trust, Inc Reit
  • Broker: Ron Danko - CBRE

MHG Hotels, represented by Hiren Patel, Neal Patel, and Sanjay Patel, is actively seeking to acquire additional Hilton and Marriott properties, particularly in South Florida and other high barrier markets.

Players

Ron Danko
CBRE
Ron Danko
6 deals$394.4M volume
BROKER

Details

SOLD
IMAGE: Hiren Patel, Sanjay Patel & Neal Patel DATE: 7/29/2024 ADDRESS: 1455 Yamato Road MARKET: Boca Raton ASSET TYPE: Hotel BUYER: Hiren Patel, Neal Patel & Sanjay Patel - MHG Hotels (@MHGHotels) SELLER: Hospitality Investors Trust, Inc Reit BROKER: Ron Danko - CBRE (@CBRE) SALE PRICE: $15,500,000 SF: 110,000 ~ PPSF: $140 NOTE FROM BUYER: Hotel is set to undergo additional 5 million renovation and continue to operate as Hampton Inn by Hilton. MHG Hotels is seeking to acquire additional Hilton and Marriott properties in south Florida and other high barrier markets.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$826,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$55,068.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,477.91
Annual Debt Service$881,734.89