Highgate Capital Acquires Florida City Hotel For $21.5M
60 SW 352nd Street, Florida City, FL 33034
$21,500,000
Building Size
—
Asset Type
Hotel
Closing
May 10, 2022
About this deal
AI
An ACRES 2.9 hotel located at 60 SW 352nd St. in Florida City was recently sold for $21,500,000. The transaction took place on 05/11/2022, and the property was acquired by Highgate Capital Investments, represented by Arash Azarbarzin & Mahmood Khimji. The seller, Baywood Hotels, was represented by Chirag Desai. The hotel includes 132 keys, resulting in a price per key of $162,879.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $21,500,000
- Address: 60 SW 352nd St., Florida City
- Market: Florida City
- Acres: 2.9
Arash Azarbarzin & Mahmood Khimji, representing Highgate Capital Investments, successfully acquired the hotel from Baywood Hotels, with Chirag Desai as their representative. The transaction included a total of 132 keys, and the price per key was determined to be $162,879.
Players
Homestead Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Deal FAQ
Browse Homestead hotel sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93