Mark Beffort's Newmark Robinson Park Acquires Evanston Hotel From Olshan Properties For $34 Million
SOLD
$34,000,000
Illinois
See Similar DealsHotel
Sold 08/22/2022
SOLD
Mark Beffort's Newmark Robinson Park Acquires Evanston Hotel From Olshan Properties For $34 Million
1710 Orrington Avenue, Evanston, Illinois 60201, United States
See Similar DealsHotel
Sold 08/22/2022
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
The hotel located at 1710 Orrington Ave in Evanston has been sold for $34,000,000. The property, with a total of 269 keys, was purchased by Mark Beffort of Newmark Robinson Park. The seller of the hotel was Olshan Properties. The transaction took place on August 22, 2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $34,000,000
- Address: 1710 Orrington Ave
- Market: Evanston
Mark Beffort of Newmark Robinson Park represented the buyer in this transaction. The hotel, with 269 keys, was an attractive investment opportunity for Mark Beffort. Olshan Properties, the seller, successfully closed the deal with the buyer, resulting in the sale of the hotel.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,813,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15
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