MCR Development Acquires Courtyard By Marriott DeLand And Hampton Inn Daytona Shores Oceanfront For $31.6M
3135 S Atlantic Ave, Daytona Beach Shores, FL 32118, United States
$31,600,000
Building Size
—
Asset Type
Hotel
Closing
May 31, 2023
About this deal
AI
MCR Development, the nation's third-largest hotel operator, has acquired two hotels in Volusia County, Florida. The properties include the Courtyard by Marriott in downtown DeLand and the Hampton Inn Daytona Shores Oceanfront in Daytona Beach Shores. This acquisition expands MCR's portfolio of premium-branded hotels and marks their entry into the Volusia County market.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $31,600,000
- Keys: 215
- Price Per Key: $146,977
The buyer, MCR Development, is a New York-based hotel operator. The seller is Avista Properties. The Hampton Inn Daytona Shores Oceanfront is located at 3135 South Atlantic Avenue, and the Courtyard by Marriott is located at 308 North Woodland Boulevard.
On the Map
$31,600,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93