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.
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