Oliver Cos Acquires Tampa Hotel From Square Mile Capital Management For $75.9M
SOLD
$75,900,000
Florida
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SOLD
Oliver Cos Acquires Tampa Hotel From Square Mile Capital Management For $75.9M
3050 North Rocky Point Drive West, Rocky Point, Florida 33607, United States
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Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The hotel located at 3050 North Rocky Point Drive West in Tampa has been sold for a total of $75,900,000. The transaction took place on January 13, 2023.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $75,900,000
- Address: 3050 North Rocky Point Drive West, Tampa
The buyer of the hotel is Oliver Cos, represented by Seth Oliver. They have acquired the property from Square Mile Capital Management, with Craig Solomon serving as their representative in the deal.
Furthermore, the hotel comes with 203 keys, and the price per key (PPK) amounts to $373,892.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,048,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$269,656.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$359,804.72
Annual Debt Service$4,317,656.67
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