Sunstone Hotel Investors, Inc. Sells Chicago Hotel For $129.5M
SOLD
$129,500,000
Illinois
See Similar DealsHotel
Sold 03/18/2022
SOLD
Sunstone Hotel Investors, Inc. Sells Chicago Hotel For $129.5M
600 North State Street, Chicago, Illinois 60654, United States
See Similar DealsHotel
Sold 03/18/2022
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Sale
The property involved in this closed transaction is a hotel located at 600 N. State St & 10 E. Grand Avenue in Chicago. The sale of this hotel was completed on March 18, 2022. The seller of the property is Sunstone Hotel Investors, Inc.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $129,500,000
- Address: 600 N. State St & 10 E. Grand Avenue, Chicago
- Market: Chicago
The hotel comprises 729 keys. The price per key comes out to be $177,641.
Bryan Giglia represented Sunstone Hotel Investors, Inc. in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$460,086.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$613,896.07
Annual Debt Service$7,366,752.81
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