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Pebblebrook Hotel Trust Acquires 1111 North Ocean Drive Hotel / Resort In Hollywood For $270M

Property Image
SOLD
$270,000,000

Florida

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Other666,326 SF
Sold 06/23/2021
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Property Image
SOLD

Pebblebrook Hotel Trust Acquires 1111 North Ocean Drive Hotel / Resort In Hollywood For $270M

1111 North Ocean Drive, Hollywood, FL, USA

See Similar Deals
Other666,326 SF
Sold 06/23/2021
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Other
Price Per Square Foot:$405
Total Square Footage:666,326 SF
Transaction Type:Sale

The In Contract property is located at 1111 North Ocean Drive in Hollywood. It is a Hotel / Resort situated on approximately 4.6 acres of land. The property is being sold by KSL Capital Partners to Pebblebrook Hotel Trust for a sale price of $270,000,000. The transaction includes the transfer of 369 keys, resulting in a price per key of approximately $731,707. The price per acre is estimated to be around $58,695,652.

Summary of transaction details:

  • Property Type: Hotel / Resort
  • Transaction Amount: $270,000,000
  • Address: 1111 North Ocean Drive, Hollywood
  • Market: Hollywood
  • Buyer: Pebblebrook Hotel Trust - Jon Bortz
  • Seller: KSL Capital Partners
  • Number of Keys: 369
  • Price per Key: $731,707
  • Acres: 4.6
  • Price per Acre: $58,695,652

The buyer, Jon Bortz, represents Pebblebrook Hotel Trust in the transaction.

Players

Jon Bortz
Pebblebrook Hotel Trust
Jon Bortz
9 deals$1B volume
BUYER
KSL Capital Partners
KSL Capital Partners
SELLER

Details

SOLD
IMAGE: CONTRACT IMAGE: Jon Bortz DATE: 06/23/2021 ADDRESS: 1111 North Ocean Drive MARKET: Hollywood ASSET TYPE: Hotel / Resort BUYER: Pebblebrook Hotel Trust - Jon Bortz SELLER: KSL Capital Partners SALE PRICE: $270,000,000 KEYS: 369 ~ PPK: $731,707 ACRES: 4.6 ~ PPA: $58,695,652

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

$14,400,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$959,252.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,279,937.75
Annual Debt Service$15,359,252.97