Marcus & Millichap Brokers Ebrahim Valliani & Michael Klar Sell Elgin & Algonquin Hotel For $19.2M
2480 Bushwood Drive, Elgin, Illinois 60124, United States
$19,200,000
Building Size
—
Asset Type
Hotel
Closing
Aug 8, 2022
About this deal
AI
The hotel located at 2480 Bushwood Drive, 2270 Point Blvd, and 2595 Bunker Hill Drive in Elgin and Algonquin has been sold. The transaction was facilitated by Ebrahim Valliani and Michael Klar of Marcus & Millichap. The sale price for this hotel property was $19,200,000. It consists of 262 keys, with a price per key of $73,282. The deal was closed on 08/09/2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $19,200,000
- Address: 2480 Bushwood Drive, 2270 Point Blvd, 2595 Bunker Hill Drive
- Market: Elgin & Algonquin
- Brokers: Ebrahim Valliani & Michael Klar - Marcus & Millichap
- Keys: 262
- Price Per Key: $73,282
Ebrahim Valliani and Michael Klar, representing Marcus & Millichap, played a crucial role in facilitating the sale of this hotel property. The transaction took place in the Elgin and Algonquin market, adding significant value to the local real estate landscape.
On the Map
$19,200,000
Hotel
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Elgin Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93