Banyan Investment Group Acquires Fort Lauderdale Hotel For $23M
SOLD
$23,000,000
+ 2
Florida
See Similar DealsHotel795 SF
Sold 12/11/2020
SOLD
Banyan Investment Group Acquires Fort Lauderdale Hotel For $23M
2900 Riomar Street, Fort Lauderdale, FL, USA
See Similar DealsHotel795 SF
Sold 12/11/2020
+ 2
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$28,930
Total Square Footage:795 SF
Transaction Type:Sale
The asset involved in the transaction is a hotel located at 2900 Riomar Street in Fort Lauderdale. The sale took place on December 11, 2020. The buyer of the property is Banyan Investment Group, while the seller is Harvey Hernandez. The hotel was represented by Christian Charre, Paul Weimer, Jennifer Jin, and Andrew Pastorino from CBRE. The transaction was completed for a total price of $23,000,000. The hotel has a total of 96 keys, with a price per key of $239,583.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $23,000,000
- Address: 2900 Riomar Street
- Market: Fort Lauderdale
Christian Charre, Paul Weimer, Jennifer Jin, and Andrew Pastorino from CBRE played key roles as brokers in this transaction. They represented the hotel during the sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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