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KSL Capital Partners Acquires AC Hilton And Courtyard By Marriott Hotels In Clearwater Beach For $113.7M

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SOLD
$113,700,000

Florida

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Hotel
Sold 07/03/2023
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SOLD

KSL Capital Partners Acquires AC Hilton And Courtyard By Marriott Hotels In Clearwater Beach For $113.7M

395 Coronado Dr, Clearwater Beach, Fl 33767, United States

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Hotel
Sold 07/03/2023
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

KSL Capital Partners, a Denver-based private equity firm, has acquired two Clearwater Beach hotels, the AC Hilton and Courtyard by Marriott, for a total of $113.7 million. The deal also includes $38.5 million in financing from Athene Annuity & Life Co. The AC Hilton by Marriott Clearwater Beach is located at 395 Coronado Drive, while the Courtyard by Marriott Clearwater Beach is situated at 443 East Shore Drive. The properties are part of the hotel asset type and are located in the Clearwater Beach market.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $113,700,000
  • Address: 395 Coronado Drive - AC Hilton by Marriott Clearwater Beach & 443 East Shore Drive - Courtyard by Marriott Clearwater Beach
  • Market: Clearwater Beach

The seller of the hotels is Norwich Partners. Eric Resnick from KSL Capital Partners represented the buyer in the transaction. The lender providing financing for the deal is Athene Annuity & Life Co.

Players

ER
KSL Capital Partners
Eric Resnick
4 deals$579M volume
BUYER
NP
Norwich Partners
SELLER
Athene
Athene
LENDER

Details

SOLD
IMAGE: Eric Resnick DATE: 07/03/2023 ADDRESS: 395 Coronado Drive - AC Hilton by Marriott Clearwater Beach & 443 East Shore Drive - Courtyard by Marriott Clearwater Beach MARKET: Clearwater Beach ASSET TYPE: Hotel BUYER: KSL Capital Partners - Eric Resnick SELLER: Norwich Partners SALE PRICE: $113,700,000 KEYS: 284 ~ PPK: $400,352 LENDER: Athene Annuity & Life Co. NOTE: Denver-based private equity firm KSL Capital Partners has purchased two Clearwater Beach hotels, the AC Hilton and Courtyard by Marriott, for $113.7 million. The deal includes $38.5 million in financing from Athene Annuity & Life Co.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$6,064,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$403,952.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$538,996.01
Annual Debt Service$6,467,952.08