363 Cocoanut Row Propco LLC Acquires Palm Beach Hotel For $42M
363 Cocoanut Row, Palm Beach, Florida 33480, United States
$42,000,000
$1,282/SF
Building Size
32,758 SF
Asset Type
Hotel
Closing
Apr 27, 2022
About this deal
AI
A hotel property located at 363 Cocoanut Row in Palm Beach has been sold for $42,000,000. The property spans an area of 0.32 acres and features 55 keys. The price per key for this transaction is approximately $763,636. The total square footage of the property is 32,758, resulting in a price per square foot of $1,282. The sale took place on April 28, 2022, and Eric S. Orenstein represented the buyer, 363 Cocoanut Row Propco LLC. Richard Launder represented the seller, Chesterfield PB Hotel Property.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $42,000,000
- Address: 363 Cocoanut Row, Palm Beach
- Market: Palm Beach
- Acres: 0.32
The buyer, 363 Cocoanut Row Propco LLC, was represented by Eric S. Orenstein, while the seller, Chesterfield PB Hotel Property, was represented by Richard Launder in this transaction.
Players
Palm Beach Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93