Summit Hotel Properties Inc. & GIC Acquires Hotel In New Orleans For $56M
SOLD
$56,000,000
Louisiana
See Similar DealsHotel
Sold 03/29/2022
SOLD
Summit Hotel Properties Inc. & GIC Acquires Hotel In New Orleans For $56M
1100 Tulane Avenue, New Orleans, Louisiana 70112, United States
See Similar DealsHotel
Sold 03/29/2022
Summary
LOUISIANA
Asset Type:Hotel
Transaction Type:Sale
Summit Hotel Properties Inc. and GIC have acquired a hotel property located at 1100 Tulane Ave in New Orleans. The transaction took place on March 29, 2022, with a sale price of $56,000,000. The hotel features 176 keys, and the price per key amounts to $318,181.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $56,000,000
- Address: 1100 Tulane Ave
- Market: New Orleans
- Buyer: Summit Hotel Properties Inc. & GIC
- Keys: 176
- Price Per Key: $318,181
Jonathan P. Stanner captured an image of the hotel property during the sale process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,986,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$198,956.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$265,468.57
Annual Debt Service$3,185,622.84
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