Hiren Patel, Neal Patel & Sanjay Patel Of MHG Hotels Acquire Boca Raton Hotel For $15.5M
1455 Yamato Road
$15,500,000
$140/SF
Building Size
110,000 SF
Asset Type
Hotel
Closing
Jul 29, 2024
About this deal
AI
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.
On the Map
$15,500,000
$140/SF
Hotel
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Players
Boca Raton 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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93