George Nediyakalayil Of Gas Depot Oil Co. Acquires Fairfield Inn & Suites For $23M

The Fairfield Inn & Suites Fort Lauderdale Northwest, situated at 6800 Northwest 88th Avenue in Tamarac, is a hotel asset consisting of 120 keys and spanning 62,728 square feet. The property, which covers 2.25 acres, was transacted for a total sale price of $23,000,000, reflecting a price per key of $191,667 and a price per square foot of $367.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,000,000
• Buyer: George Nediyakalayil - Gas Depot Oil Co.
• Seller: Daniel Berman - AD1 Global
• Lender: New Wave Loans
• Keys: 120
• PPK: $191,667
• SF: 62,728
• PPSF: $367
• Funding Source: EB-5 immigration program
• Mortgage Amount: $19.85 million from NWL 2016 Evergreen

George Nediyakalayil, CEO of Gas Depot Oil Co., led the acquisition through REIT 6800 LLC, purchasing the property from AD1 Tamarac Hotels LLC. This transaction illustrates the involvement of significant funding instruments such as the EB-5 program and a substantial mortgage secured for the deal.