Assouline Capital And Busch Real Estate Acquire Hotel At 3010 Collins Avenue In Miami Beach For $33M
3010 Collins Avenue, Miami Beach, Florida 33140, United States
$33,000,000
Building Size
—
Asset Type
Hotel
Closing
Sep 21, 2022
About this deal
AI
Assouline Capital and Busch Real Estate have acquired a hotel property located at 3010 Collins Avenue in Miami Beach. The seller, 3010 Collins LLC, was represented by Simon Nemni. The transaction was facilitated with a loan from MSD Partners.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $33,000,000
- Address: 3010 Collins Avenue
- Market: Miami Beach
The buyer, Assouline Capital, was represented by Tom Assouline. August "Gussie" Busch of Busch Real Estate also played a key role in the acquisition. The lender, MSD Partners, provided funding for the transaction. Max Ralby from HKS Real Estate Advisors acted as the broker in this deal.
Notable individuals involved in the transaction include August "Gussie" Busch and Michael Dell, who were present in a photo shared on Instagram. The hotel property comprises a total of 110 keys and has a price per key of $300,000.
On the Map
$33,000,000
Hotel
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Players
Miami Beach Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93