Hirenkumar & Nirmalkumar Pate Acquire Holiday Inn Express & Suites In Pembroke Pines For $16M

The asset involved in this transaction is a hotel located at 14651 Northwest 20th Street, specifically the Holiday Inn Express & Suites in Pembroke Pines. The hotel encompasses 61,835 square feet and sits on a 2-acre lot. The sale was finalized for a total of $16,000,000, which breaks down to a price per square foot of $259, with each of the 110 keys valued at approximately $145,455.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $16,000,000
• Address: 14651 Northwest 20th Street - Holiday Inn Express & Suites
• Market: Pembroke Pines
• Asset Size: 61,835 SF
• PPSF: $259
• Keys: 110
• PPK: $145,455
• Buyer: Hirenkumar & Nirmalkumar Pate - Pines Hospitality Inc.
• Seller: Dipakbhai Patel - Jasmin Hospitality
• Lender: Celtic Bank Corporation

The transaction included key individuals and companies such as the buyers Hirenkumar and Nirmalkumar Pate representing Pines Hospitality Inc. and the sellers Dipakbhai Patel working with Jasmin Hospitality. The acquisition was financed through a $13.06 million loan provided by Celtic Bank Corporation. This marks the first ownership change for the hotel since its development in 2006.