George Sherman Of Sherman Associates Acquires St. Pete Beach Hotel For $34.65M
3701 Gulf Boulevard, St. Pete Beach, Florida 33706, United States
$34,650,000
$515/SF
Building Size
67,262 SF
Asset Type
Hotel
Closing
Sep 22, 2022
About this deal
AI
The asset involved in this transaction is a hotel located at 3701 Gulf Blvd in St. Pete Beach. It was sold by Devanand Mangar to George Sherman for a total price of $34,650,000. The hotel has a total of 72 keys and spans a total area of 67,262 square feet. The price per key is $481,250, and the price per square foot is $515.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $34,650,000
- Address: 3701 Gulf Blvd
- Market: St. Pete Beach
- Buyer: George Sherman - Sherman Associates
- Seller: Devanand Mangar
- Lender: Midwestone Bank
- Keys: 72
- Price Per Key: $481,250
- Square Feet: 67,262
- Price Per Square Foot: $515
George Sherman of Sherman Associates represented himself as the buyer in this transaction. The lender involved in the deal was Midwestone Bank.
On the Map
$34,650,000
$515/SF
Hotel
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Players
St Pete Beach 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
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93