Pebblebrook Hotel Trust Acquires 1111 North Ocean Drive Hotel / Resort In Hollywood For $270M
1111 North Ocean Drive, Hollywood, FL, USA
$270,000,000
$405/SF
Building Size
666,326 SF
Asset Type
Other
Closing
Jun 22, 2021
AI
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
Hollywood Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93