Reuben Brothers Acquire Hotel On 3.5 Acres In Miami Beach From Tricap & RFR For $400M
SOLD
$400,000,000
Florida
See Similar DealsHotel1 SF
Sold 10/28/2024
SOLD
Reuben Brothers Acquire Hotel On 3.5 Acres In Miami Beach From Tricap & RFR For $400M
2201 Collins Avenue
See Similar DealsHotel1 SF
Sold 10/28/2024
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$400,000,000
Total Square Footage:1 SF
Transaction Type:Sale
The property is a hotel located at 2201 Collins Avenue in Miami Beach, encompassing 3.5 acres. It is a 16-storey facility that includes 70 guest rooms, 30 suites, and 14 private residences, sold for a total of $400,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $400,000,000
- Address: 2201 Collins Avenue
- Market: Miami Beach
- Acres: 3.5
- Buyer: Reuben Brothers
- Seller: Tricap & RFR
- Broker: Jeff Davis - Eastdil Secured
The deal involved Reuben Brothers as the buyer and Tricap & RFR as the seller, with broker Jeff Davis representing them in the transaction through Eastdil Secured.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$21,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,421,115.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,896,204.07
Annual Debt Service$22,754,448.85
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