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Stephen Ross Of Related Ross Acquires Hotel In West Palm Beach For $190M From Wheelock Street Capital
SOLD
$190,000,000
Florida
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Sold
SOLD
Stephen Ross Of Related Ross Acquires Hotel In West Palm Beach For $190M From Wheelock Street Capital
251 North Narcissus Avenue
See Similar DealsHotel
Sold
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The property involved in this transaction is a hotel asset located at 251 North Narcissus Avenue in West Palm Beach. The property is part of the Marriott Autograph Collection and consists of 208 rooms. The sale price for this asset is $190,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $190,000,000
- Buyer: Stephen Ross - Related Ross
- Seller: Merrick Kleeman & Jonathan Paul - Wheelock Street Capital
- Broker: CBRE
- Market: West Palm Beach
Stephen Ross is acquiring the hotel from Wheelock Street Capital, marking a significant addition to his investment portfolio in downtown West Palm Beach. His firm, Related Ross, has been actively involved in various sectors including hospitality, office, and residential projects in the region.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,133,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$675,029.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$900,696.93
Annual Debt Service$10,808,363.20
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