Ocean Properties Ltd Acquires Clearwater Beach Hotel For $11.8M
678 South Gulfview Boulevard, Clearwater Beach, Florida 33767, United States
$11,800,000
$1,745/SF
Building Size
6,760 SF
Asset Type
Hotel
Closing
Jun 20, 2022
About this deal
AI
The hotel located at 678 South Gulfview in Clearwater Beach has been sold in a transaction that took place on June 21, 2022. The property, owned by Page Development Group, was purchased by Ocean Properties Ltd for a total of $11,800,000. The hotel consists of 42 keys, with a price per key of $280,960.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $11,800,000
- Address: 678 South Gulfview
- Market: Clearwater Beach
- Buyer: Ocean Properties Ltd
- Seller: Page Development Group - Evelyn Page
- Number of Keys: 42
- Price per Key: $280,960
The acquisition of the hotel was facilitated by Ocean Properties Ltd, with the sale being made by the Page Development Group, represented by Evelyn Page. This transaction marks another successful deal in the hotel industry for Ocean Properties Ltd, showcasing their expertise in the market.
Players
Clearwater 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
1.34%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93