Michigan-Based Investment Group Purchases Residence Inn By Marriott Boca Raton For $15 Million
525 Northwest 77th Street
$15,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 20, 2025
About this deal
AI
The property involved in this transaction is a 120-room hotel located at 525 Northwest 77th Street in Boca Raton, comprising 4.26 acres. The sale price for this asset was $15,000,000, which translates to a price per key of $125,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $15,000,000
- Address: 525 Northwest 77th Street
- Market: Boca Raton
- Acres: 4.26
- Keys: 120
- Price Per Key: $125,000
The transaction was brokered by David Altman, Adam Sklaver, Phil Kates, and Jeff Halavacs from Marcus & Millichap. The buyer is a Michigan-based investment group that plans to convert the property into student housing for Florida Atlantic University, after dropping the Marriott flag currently associated with the Residence Inn by Marriott Boca Raton.
On the Map
$15,000,000
Hotel
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Boca Raton Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93