Three Wall Capital Acquires West Palm Beach Hotel For $15.44M From Blackstone Group
SOLD
$15,440,000
Florida
See Similar DealsHotel
Sold 12/14/2021
SOLD
Three Wall Capital Acquires West Palm Beach Hotel For $15.44M From Blackstone Group
2455 Metrocentre Boulevard, West Palm Beach, FL 33407
See Similar DealsHotel
Sold 12/14/2021
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The hotel located at 2455 Metrocentre Blvd in West Palm Beach has been sold for a transaction amount of $15,440,000. The property spans across approximately 1 acre in size. The sale was finalized on 12/14/2021. The buyer, Three Wall Capital represented by Alan Kanders, acquired the property from the seller, Blackstone Group.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $15,440,000
- Address: 2455 Metrocentre Blvd
- Market: West Palm Beach
- Area: 1 acre
Alan Kanders from Three Wall Capital played a key role in this transaction as the buyer's representative. With a total of 114 keys, the property offers spacious accommodation to guests. The price per key for this hotel amounts to $135,439.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$823,466.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,855.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,193.48
Annual Debt Service$878,321.73
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