King Street Capital Management, Westdale Properties, And Cedar Capital Partners Acquire Miami Beach Hotel For $120M
SOLD
$120,000,000
Florida
See Similar DealsHotel806 SF
Sold 02/04/2020
SOLD
King Street Capital Management, Westdale Properties, And Cedar Capital Partners Acquire Miami Beach Hotel For $120M
1801 Collins Avenue, Miami Beach, FL, USA
See Similar DealsHotel806 SF
Sold 02/04/2020
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$148,883
Total Square Footage:806 SF
Transaction Type:Sale
The property involved in this transaction is a hotel located at 1801 Collins Ave in Miami Beach. The sale took place on 02/04/2020 for a total price of $120,000,000. The hotel has 218 keys, and the price per key was $550,458.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $120,000,000
- Address: 1801 Collins Ave
- Market: Miami Beach
The buyer in this transaction was a partnership between King Street Capital Management represented by David Walch, Westdale Properties represented by Mitchell Cohen, and Cedar Capital Partners represented by Ben Leahy. The seller was W.P. Carey and Russell Galbut of Crescent Heights. The deal was facilitated by Christian Charre, Paul Weimer, and Jennifer Jin of CBRE.
Players
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$426,334.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$568,861.22
Annual Debt Service$6,826,334.65
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