Columbia Sussex Acquires St. Pete Beach Hotel & Resort For $207M
5250 Gulf Boulevard, St. Pete Beach, Florida 33706, United States
$105,000,000
Building Size
—
Asset Type
Hotel
Closing
May 26, 2022
AI
The sale of a hotel and resort property located at 5390 Gulf Blvd in St. Pete Beach has been completed. The property spans across 13 acres and was sold for a total sale price of $207,000,000. The transaction was finalized on December 1, 2022. The property consists of 382 keys, and the price per key is calculated to be $541,885.
Summary of Transaction Details
- Property Type: Hotel & Resort
- Transaction Amount: $207,000,000
- Address: 5390 Gulf Blvd
- Market: St. Pete Beach
- Acres: 13
The buyer in this transaction is Columbia Sussex Corp., while the seller is Crescent Real Estate represented by John C. Goff. The deal was facilitated with the assistance of the Huntington National Bank as the lender.
Players
St Pete Beach Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93