HOS Management Purchases Unopened Hotel Amalga In St. Augustine For $20.5 Million

The property involved in the transaction is a hotel located at 5 Prawn Street in St. Augustine, covering an area of 0.63 acres. The hotel is branded as a Tribute Portfolio Hotel by Marriott and has 51 rooms. The sale price for this unfinished hotel was $20,500,000, with a per room price calculated at $401,961.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $20,500,000
• Buyers: Kurt Patel, Anil Patel & Kris Patel - HOS Management
• Seller: Anand Jobalia - Jobalia Development Group
• Lender: MidFirst Bank
• Keys: 51
• PPK: $401,961

HOS Management financed the acquisition with a mortgage of $12.6 million from MidFirst Bank. The hotel remains unopened, and there is currently no official opening date provided.