Westgate South Beach Oceanfront Resort Sells Miami Beach Hotel For $73M
3611 Collins Ave, Miami Beach, FL 33140, USA
$73,000,000
$1,720/SF
Building Size
42,427 SF
Asset Type
Hotel
Closing
Jun 22, 2023
AI
The Westgate South Beach Oceanfront Resort in Miami Beach has recently been sold for $73,000,000. The property, located at 3611 Collins Avenue, is a hotel with a total square footage of 42,427. The price per square foot for this transaction was $1,721.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $73,000,000
- Square Footage: 42,427
- Price Per Square Foot: $1,721
- Address: 3611 Collins Avenue, Miami Beach
The sale of the Westgate South Beach Oceanfront Resort was facilitated by Valerio Spinaci from Valerio Spinaci Real Estate Agency. As the broker representing the seller, Spinaci played a crucial role in the transaction.
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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93