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TPG Acquires Miami Beach Hotel On Collins Avenue For $45.3M From Seller Robert Finvarb

Property Image
SOLD
$45,300,000
JW
MC

Florida

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Hotel164,668 SF
Sold
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Property Image
SOLD

TPG Acquires Miami Beach Hotel On Collins Avenue For $45.3M From Seller Robert Finvarb

2912 Collins Avenue, Miami Beach, FL, USA

See Similar Deals
Hotel164,668 SF
Sold
JW
MC
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$275
Total Square Footage:164668 SF
Transaction Type:Sale

Located at 2912 Collins Avenue in Miami Beach, this property is a hotel that was recently sold in a closed transaction. The sale took place on August 4, 2021, and the buyer was TPG, represented by Jon Winkelried, Jacob Mueller, Matthew Coleman, and Yaman Shukairy. The seller of the property was Robert Finvarb. The sale price for this hotel was $45,300,000. It consists of 150 keys, with a price per key of $302,000.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $45,300,000
  • Address: 2912 Collins Avenue
  • Market: Miami Beach

The sale of this hotel involved key individuals and companies in the deal. TPG, represented by Jon Winkelried, Jacob Mueller, Matthew Coleman, and Yaman Shukairy, acted as the buyer. On the other hand, the seller was Robert Finvarb. This transaction highlights the collaborative efforts between these parties to complete the sale of the hotel.

Players

JW
Jon Winkelried
10 deals$641.3M volume
BUYER
JW
Jon Winkelried
10 deals$641.3M volume
BUYER
MC
Matthew Coleman
2 deals$101.5M volume
BUYER

Details

SOLD
IMAGE: Matthew Coleman, Jon Winkelried & Yaman Shukairy DATE: 08/04/2021 ADDRESS: 2912 Collins Avenue MARKET: Miami Beach ASSET TYPE: Hotel BUYER: TPG - Jon Winkelried, Jacob Mueller, Matthew Coleman & Yaman Shukairy SELLER: Robert Finvarb SALE PRICE: $45,300,000 KEYS: 150 ~ PPK: $302,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,416,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$160,941.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$214,745.11
Annual Debt Service$2,576,941.33