MHG Hotels Acquires West Palm Beach Hotel For $20.5M
1800 Centrepark Drive East
$20,500,000
Building Size
—
Asset Type
Hotel
Closing
Nov 17, 2023
About this deal
AI
The hotel located at 1800 Centrepark Drive East in West Palm Beach has been sold in a transaction valued at $20,500,000. The property is an asset type hotel and was sold by WSCDEL 101, with Jay Batra representing the seller. MHG Hotels, represented by Sanjay Patel, Hiren Patel, and Neal Patel, acquired the hotel. The deal was facilitated by brokers Robert Taylor and Sophia Pittaluga from Hunter Hotel Advisors.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $20,500,000
- Seller: WSCDEL 101 - Jay Batra
- Buyer: MHG Hotels - Sanjay Patel, Hiren Patel & Neal Patel
- Brokers: Robert Taylor & Sophia Pittaluga - Hunter Hotel Advisors
MHG Hotels plans to invest an additional $4 million in renovations for the recently acquired hotel. They are actively searching for new development sites and potential acquisitions. For further inquiries, MHG Hotels can be contacted via email at [email protected].
On the Map
$20,500,000
Hotel
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Players
West Palm Beach Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93