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
About this deal
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.
On the Map
$19,000,000
$260/SF
Hotel
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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