Gas Depot Oil Co. Acquires Even Hotel Miami – Airport In $29M Deal
3499 Northwest 25th Street
$29,000,000
Building Size
—
Asset Type
Hotel
Closing
Dec 14, 2023
AI
Chicago-based investor George Nediyakalayil has acquired the 190-room Even Hotel Miami – Airport near Miami International Airport for $29 million. The hotel is located at 3499 Northwest 25th Street in Miami and sits on a 1.9-acre property. The transaction was financed with an $18.6 million loan from the State Bank of Texas. The seller of the hotel was an affiliate of Epelboim Development Group.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $29,000,000
- Address: 3499 Northwest 25th Street - Even Hotel Miami – Airport
- Market: Miami
- Acres: 1.9
Gas Depot Oil Co., represented by George Nediyakalayil, served as the buyer in the transaction. The seller, Epelboim Development Group, was represented by Noel Epelboim. The State Bank of Texas provided financing for the deal.
Players
Miami Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93