Continental Properties Acquires Surfside Hotel On 1.7 Acres For $69.9M
9200 Collins Avenue, Surfside, FL 33154
$69,900,000
$938/SF
Building Size
74,465 SF
Asset Type
Hotel
Closing
Dec 17, 2021
About this deal
AI
The property involved in this closed transaction is a hotel located at 9200 Collins Avenue in Surfside. The hotel sits on a 1.7-acre parcel of land and was sold on 12/17/2021.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $69,900,000
- Address: 9200 Collins Avenue
- Market: Surfside
- Acres: 1.7
The buyer of the property is Continental Properties, while the seller is Hotel Development Group, represented by Allen O’Brien. Bill Hodges and Clint Hodges from Hodges Ward Elliott acted as the seller's representatives in this deal.
The property was sold for a price of $69,900,000. It consists of 175 keys, and the price per key (PPK) amounts to $399,429.
On the Map
$69,900,000
$938/SF
Hotel
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Players
Surfside 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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93