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Index Investment Group Acquires Hotel In West Palm Beach For $12.5M

Property Image
SOLD
$12,500,000
Rich Lillis
Mark M. Rubin
Bastian Schauer
+ 1

Florida

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Hotel47,472 SF
Sold 08/08/2022
the dealplayerscompscontact
Property Image
SOLD

Index Investment Group Acquires Hotel In West Palm Beach For $12.5M

1505 Belvedere Road

See Similar Deals
Hotel47,472 SF
Sold 08/08/2022
Rich Lillis
Mark M. Rubin
Bastian Schauer
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$263
Total Square Footage:47,472 SF
Transaction Type:Sale

The Hotel located at 1505 Belvedere Rd in West Palm Beach has been sold for a sale price of $12,500,000. The property spans a total area of 47,472 square feet, with a price per square foot of $263. It consists of 135 keys, resulting in a price per key of $92,593.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $12,500,000
  • Address: 1505 Belvedere Rd
  • Market: West Palm Beach

The buyer of this property is Index Investment Group, represented by Bjarne Borg. The seller is Cherry Cove Hospitality. The deal was facilitated by Bastian Laggerbauer, Mark Rubin, and Rich Lillis from Colliers International.

Players

Mark M. Rubin
Colliers
Mark M. Rubin
37 deals$896.8M volume(561) 302-2511
BROKER
Rich Lillis
Colliers
Rich Lillis
1 deal$12.5M volume
BROKER
Bastian Schauer
Colliers
Bastian Schauer
42 deals$3B volume(561) 281-6656
BROKER
BB
Bjarne Borg
3 deals$143.8M volume
BUYER
CH
Cherry Cove Hospitality
SELLER

Details

SOLD
IMAGE: Mark Rubin & Bastian Laggerbauer DATE: 08/08/2022 ADDRESS: 1505 Belvedere Rd MARKET: West Palm Beach ASSET TYPE: Hotel BUYER: Index Investment Group - Bjarne Borg SELLER: Cherry Cove Hospitality BROKER: Bastian Laggerbauer (@Bastian1992), Mark Rubin (@Sofloinvestmentsales) & Rich Lillis - Colliers International SALE PRICE: $12,500,000 KEYS: 135 ~ PPK: $92,593 SF: 47,472 ~ PPSF: $263

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$666,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$44,409.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,256.38
Annual Debt Service$711,076.53