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International Institutional Buyer Acquires Holiday Inn Express Miami Springs For $16.2 Million
SOLD
$16,200,000
Florida
See Similar DealsHotel
Sold 08/08/2024
SOLD
International Institutional Buyer Acquires Holiday Inn Express Miami Springs For $16.2 Million
5125 Northwest 36th Street
See Similar DealsHotel
Sold 08/08/2024
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The property asset involved in the transaction is a hotel located at 5125 Northwest 36th Street in Miami Springs. The hotel, which has 110 keys, was sold for a total price of $16,200,000, translating to $147,273 per key.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $16,200,000
- Address: 5125 Northwest 36th Street
- Market: Miami Springs
- Price per Key: $147,273
- Keys: 110
Ahmed Kabani and Luis Garino of Kabani Hotel Group were the brokers involved in facilitating the off-market deal. The transaction was made with an international institutional buyer and includes the rebranding of the hotel from Holiday Inn Express Miami Springs to The Onyx Hotel Miami Airport.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$864,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$57,555.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$76,796.26
Annual Debt Service$921,555.18
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