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TPG Real Estate Partners Acquires Miami Hotel On Biscayne Boulevard For $61M

Property Image
SOLD
$61,000,000
Ron Danko
Paul Weimer
JW

Florida

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Office
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SOLD

TPG Real Estate Partners Acquires Miami Hotel On Biscayne Boulevard For $61M

3400 Biscayne Boulevard, Miami, Florida 33137, United States

See Similar Deals
Office
Sold
Ron Danko
Paul Weimer
JW
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Transaction Type:Sale

The property involved in this transaction is a hotel located at 3400 Biscayne Boulevard and 3450 Biscayne Boulevard in Miami. The sale took place on June 10, 2021.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $61,000,000
  • Address: 3400 Biscayne Boulevard & 3450 Biscayne Boulevard
  • Market: Miami

The buyer in this transaction was TPG Real Estate Partners, represented by Jon Winkelried and Jacob Muller. On the other hand, the seller included Aztec Group, represented by Boaz Ashbel, 3H Group, and Arti Hersi. The brokers involved in the deal were Paul Weimer and Ron Danko from CBRE.

The hotel consists of 153 keys, resulting in a price per key (PPK) of $211,111 for the AC Hotel. Additionally, it includes 151 keys at the Hampton Inn, with a PPK of $190,066.

Players

Paul Weimer
CBRE
Paul Weimer
7 deals$644.8M volume
BROKER
Ron Danko
CBRE
Ron Danko
6 deals$394.4M volume
BROKER
JW
Jon Winkelried
10 deals$641.3M volume
BUYER
TP
TPG Real Estate Partners
BUYER

Details

SOLD
IMAGE: Ron Danko, Paul Weimer, Boaz Ashbel & Jon Winkelried DATE: 06/10/2021 ADDRESS: 3400 Biscayne Boulevard & 3450 Biscayne Boulevard MARKET: Miami ASSET TYPE: Hotel BUYER: TPG Real Estate Partners - Jon Winkelried & Jacob Muller SELLER: Aztec Group - Boaz Ashbel; 3H Group & Arti Hersi BROKERS: Paul Weimer & Ron Danko - CBRE SALE PRICE: $61,000,000 KEYS: 153 ~ PPK: $211,111 (AC Hotel) KEYS: 151 ~ PPK: $190,066 (Hampton Inn)

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,253,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$216,720.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$289,171.12
Annual Debt Service$3,470,053.45