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David Motley Of Lenoir Hospitality LLC Acquires Hotel From Jacksonville JTB Hotel Limited Partnership For $15M
SOLD
$15,000,000
Florida
See Similar DealsHotel
Sold 02/19/2025
SOLD
David Motley Of Lenoir Hospitality LLC Acquires Hotel From Jacksonville JTB Hotel Limited Partnership For $15M
4670 Lenoir Avenue
See Similar DealsHotel
Sold 02/19/2025
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The property involved in this transaction is a hotel located at 4670 Lenoir Avenue - Courtyard Jacksonville Butler Boulevard in the Jacksonville market. The hotel features 137 rooms and was sold for a transaction amount of $15,000,000, resulting in a price per key of $109,489.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $15,000,000
- Buyer: David Motley - Lenoir Hospitality LLC
- Seller: Jacksonville JTB Hotel Limited Partnership
- Keys: 137
- PPK: $109,489
The buyer, David Motley, represents Lenoir Hospitality LLC in the acquisition of the property from the seller, Jacksonville JTB Hotel Limited Partnership. This sale is part of a trend in recent hotel transactions in Duval County, exemplified by the previous $26.09 million deal involving Courtyard Jacksonville Beach Oceanfront.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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