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Tom Thomas Of 1244 Hospitality LLC Acquires Claridge House Hotel For $19.5M From Alex Roudi
SOLD
$19,500,000
Illinois
See Similar DealsHotel
Sold 05/13/2025
SOLD
Tom Thomas Of 1244 Hospitality LLC Acquires Claridge House Hotel For $19.5M From Alex Roudi
1244 North Dearborn Street
See Similar DealsHotel
Sold 05/13/2025
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
The Claridge House is a hotel asset located at 1244 North Dearborn Street, Chicago. This property features 165 rooms and was involved in a significant sale transaction. The sale price for the hotel was $19,500,000, translating to a price per key of $118,182.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $19,500,000
- Buyer: Tom Thomas - 1244 Hospitality LLC
- Seller: Alex Roudi - Interwest Capital Group
- Lender: Sterling Bank
- Keys: 165
- PPK: $118,182
Alex Roudi, representing Interwest Capital Group, executed the sale of the hotel before transferring it to 1244 Hospitality LLC, led by Tom Thomas, on the same day. The acquisition was primarily financed through a mortgage of $17.5 million provided by Sterling Bank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,039,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$92,439.95
Annual Debt Service$1,109,279.38
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