Parag & Kevin Patel's LLC Acquires Distressed Aloft Hotel In Bolingbrook For $17.3M
500 Janes Avenue
$17,300,000
Building Size
—
Asset Type
Hotel
Closing
Sep 14, 2023
About this deal
AI
An LLC managed by Parag and Kevin Patel purchased a distressed Aloft-branded hotel in Bolingbrook, suburban Chicago, for $17.3 million. The property, located at 500 Janes Avenue, was sold by LTD Hospitality Group. The transaction took place on September 14, 2023. The hotel consists of 155 keys and has a price per key (PPK) of $111,613.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $17,300,000
- Address: 500 Janes Avenue - Aloft Bolingbrook
- Market: Bolingbrook
- Buyer: Parag & Kevin Patel; Paramount Lodging Advisors - Sanjeev Misra
- Seller: LTD Hospitality Group - Neel Desai
- Broker: Matthew Tarshis - Frontline Real Estate Partners
- Keys: 155
- PPK: $111,613
In addition to the buyers Parag and Kevin Patel, Sanjeev Misra of Paramount Lodging Advisors was also involved in the purchase. The new owners assumed the existing debt, negotiated a slightly lower interest rate, and deferred interest payments to the loan's 2030 maturity date. The deal was brokered by Matthew Tarshis of Frontline Real Estate Partners.
On the Map
$17,300,000
Hotel
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Players
Bolingbrook Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.92%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93