Kanti Pater's Vista Hospitality Acquires Castillo Real Hotel In St. Augustine For $11.5M
530 A1a Beach Boulevard
$11,500,000
Building Size
—
Asset Type
Hotel
Closing
Oct 4, 2023
About this deal
AI
Hotelier Kanti Patel has purchased the Castillo Real Hotel in St. Augustine Beach for $11.5 million from MSB Hotels III LLC. The hotel is located at 530 A1A Beach Boulevard in the St. Augustine market. The transaction was completed on 10/04/2023.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $11,500,000
- Address: 530 A1A Beach Boulevard - Castillo Real Hotel
- Market: St. Augustine
Kanti Patel, the buyer, is the owner of Vista Hospitality, which currently operates 12 other hotels in the region, including the Renaissance St. Augustine Historic Downtown Hotel. The new hotel's brand has not been disclosed.
On the Map
$11,500,000
Hotel
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Players
Saint Augustine Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93