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Dani Harish Of PH Lodging Jax Beach LLC Acquires Holiday Inn Express In Jacksonville For $8.4M
SOLD
$8,400,000
Florida
See Similar DealsHotel
Sold 02/18/2025
SOLD
Dani Harish Of PH Lodging Jax Beach LLC Acquires Holiday Inn Express In Jacksonville For $8.4M
2040 Mayport Road
See Similar DealsHotel
Sold 02/18/2025
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The Holiday Inn Express & Suites Jacksonville, located at 2040 Mayport Road in Jacksonville, has been sold for $8,400,000. The asset, a hotel occupying 1.49 acres, features 70 rooms and was originally built in 2009, showcasing amenities such as a pool, fitness center, and free breakfast service.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $8,400,000
- Address: 2040 Mayport Road
- Market: Jacksonville
- Acres: 1.49
- Keys: 70
- PPK: $120,000
- Buyer: Dani Harish - PH Lodging Jax Beach LLC
- Seller: Ashish K. Patel - Mayport Development Partners Inc & Mayport Lodging Inc
Dani Harish, representing PH Lodging Jax Beach LLC, acquired the property from Ashish K. Patel, who represented Mayport Development Partners Inc and Mayport Lodging Inc in this transaction. The deal occurred on February 18, 2025, solidifying PH Lodging's presence in the Jacksonville hotel market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$448,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$29,843.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$39,820.29
Annual Debt Service$477,843.43
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