Wheelock Street Capital Acquires Hotel In West Palm Beach For $106.4M
SOLD
$106,400,000
Florida
See Similar DealsHotel25,008 SF
Sold 10/08/2021
SOLD
Wheelock Street Capital Acquires Hotel In West Palm Beach For $106.4M
251 North Narcissus Avenue, West Palm Beach, FL 33401
See Similar DealsHotel25,008 SF
Sold 10/08/2021
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$4,254
Total Square Footage:25,008 SF
Transaction Type:Sale
A hotel property located at 251 North Narcissus Ave in West Palm Beach has been sold for a total of $106,400,000. The transaction took place on October 8, 2021. This hotel, consisting of 208 keys, was purchased by Wheelock Street Capital, represented by Tim Hodes. The seller was Concord Hospitality, represented by Mark Laport. The deal was facilitated by brokers Paul Weimer and Ron Danko from CBRE.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $106,400,000
- Address: 251 North Narcissus Ave, West Palm Beach
- Market: West Palm Beach
Wheelock Street Capital, led by Tim Hodes, acquired the hotel located at 251 North Narcissus Ave in West Palm Beach for a significant amount of $106,400,000. Concord Hospitality, represented by Mark Laport, served as the seller in this transaction. The deal was successfully facilitated by Paul Weimer and Ron Danko from CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,674,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$378,016.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$504,390.28
Annual Debt Service$6,052,683.39
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