Global Hotel Group Acquires South Florida Hotel Portfolio From G6 Hospitality
825 East Dania Beach Boulevard, Dania Beach, Florida 33004, United States
$61,050,000
$248/SF
Building Size
245,464 SF
Asset Type
Hotel
Closing
Aug 1, 2022
About this deal
AI
A hotel property in South Florida has been sold for $61,050,000. The property, located at 1535 Centerpark Drive, 825 E. Dania Beach Blvd, 1801 State Road 84, 5645 University Drive, and 10775 Carribean Blvd, covers a total of 14.86 acres. The hotel has a total of 682 keys and a square footage of 245,464. The price per key is $89,516 and the price per square foot is $25.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $61,050,000
- Address: 1535 Centerpark Drive, 825 E. Dania Beach Blvd, 1801 State Road 84, 5645 University Drive, and 10775 Carribean Blvd
- Market: South Florida
- Buyer: Global Hotel Group - Subhash Sam Patel
- Seller: G6 Hospitality - Robert Palleschi
- Keys: 682
- Square Footage: 245,464
The buyer of the property is Global Hotel Group, represented by Subhash Sam Patel. The seller is G6 Hospitality, represented by Robert Palleschi. This transaction marks a significant deal in the South Florida hospitality market.
Players
Hollywood Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93