Ashok Taneja Of Palm Holdings Acquires Hotel From Prince-Bush Investments In Hollywood For $16.66M
2905 Sheridan Street
$16,660,000
$182/SF
Building Size
91,139 SF
Asset Type
Hotel
Closing
Oct 23, 2025
AI
The property asset involved in this transaction is a hotel located at 2905 Sheridan Street in Hollywood. This hotel spans 4.5 acres, includes 150 keys, and has a total square footage of 91,139. It was sold for a price of $16,660,000, resulting in a per-key price of $111,067 and a price per square foot of $183.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $16,660,000
- Buyer: Ashok Taneja - Palm Holdings
- Seller: Robert C. Bush & Joseph S. Prince - Prince-Bush Investments Hollywood
- Lender: Wilmington Trust
- Loan Assumed: $13,810,000
- Date of Transaction: 10/23/2025
Palm Holdings, a firm based in Toronto, was led by Ashok Taneja in this acquisition. The sellers, Robert C. Bush and Joseph S. Prince, leading Prince-Bush Investments Hollywood, completed this sale, marking the first transaction of the hotel since its construction in 1995.
Players
Hollywood 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
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93