DiamondRock Hospitality Company Acquires Hotel & Resort In Destin, FL & New Orleans, LA For $108.6M
2700 Scenic Highway 98, Destin, FL, USA
$108,600,000
Building Size
—
Asset Type
Hotel
Closing
Aug 6, 2020
About this deal
AI
The sale of a hotel and resort property located at 2700 Scenic Highway 98 & 717 Orleans St in Destin, FL & New Orleans, LA has been finalized. The transaction took place on 08/06/2021, with the buyer being DiamondRock Hospitality Company, represented by Mark W. Brugger, and the seller being MCC Real Estate Group. The sale price for the property was $108,600,000.
Summary of transaction details
- Property Type: Hotel & Resort
- Transaction Amount: $108,600,000
- Address: 2700 Scenic Highway 98 & 717 Orleans St, Destin, FL & New Orleans, LA
- Market: Destin, FL & New Orleans, LA
The buyer, DiamondRock Hospitality Company, was represented by Mark W. Brugger. The seller in this transaction was MCC Real Estate Group.
The property consists of 220 keys in Louisiana, with a price per key (PPK) of $368,636, and 37 keys in Destin, FL, with a PPK of $743,243.
On the Map
$108,600,000
Hotel
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Destin Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93