Assouline Capital And Busch Real Estate Acquire Hotel At 3010 Collins Avenue In Miami Beach For $33M
SOLD
$33,000,000
Florida
See Similar DealsHotel
Sold 09/22/2022
SOLD
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
See Similar DealsHotel
Sold 09/22/2022
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
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.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,759,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,436.84
Annual Debt Service$1,877,242.03
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