Boynton Property Holdings LLC Acquires Boynton Beach Hotel For $19M
1601 North Congress Avenue, Boynton Beach, FL, USA
$19,000,000
$260/SF
Building Size
73,063 SF
Asset Type
Hotel
Closing
Jun 10, 2020
AI
The Hotel at 1601 North Congress Avenue in Boynton Beach has been sold for $19,000,000. The property consists of 73,063 square feet and is located in the Boynton Beach market. The sale price per square foot was $260. The hotel has a total of 171 keys, resulting in a price per key of $111,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $19,000,000
- Square Footage: 73,063
- Price per Square Foot: $260
- Number of Keys: 171
- Price per Key: $111,000
The buyer of the hotel is Boynton Property Holdings LLC, represented by Jeff Greene. The seller is Boulder Hotel Boynton Beach LLC, represented by Malcolm Berman.
Players
Boynton Beach 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93