Service Properties Trust Acquires Nautilus Hotel In Miami Beach For $165.4M
1825 Collins Avenue, Miami Beach, FL, 33139
$165,400,000
Building Size
—
Asset Type
Hotel
Closing
Jun 1, 2023
About this deal
AI
Service Properties Trust, represented by Todd Hargreaves, has acquired the Nautilus Hotel in Miami Beach for $165.4 million. The oceanfront hotel features 250 rooms and will undergo a $25 million repositioning and rebranding effort. After the transformation, it will reopen in early 2025 as the Nautilus Sonesta Miami Beach.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $165,400,000
- Address: 1825 Collins Avenue - Nautilus Hotel, Miami Beach
- Market: Miami Beach
Todd Hargreaves, representing Service Properties Trust, played a key role in the acquisition of the Nautilus Hotel. The purchase marks an important addition to the Trust's portfolio, expanding its presence in the Miami Beach market. With the planned repositioning and rebranding, Service Properties Trust aims to enhance the hotel's offerings and provide guests with an elevated experience.
On the Map
$165,400,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93