SOLDHotel
Summit Hotel Properties Inc. & GIC Acquires Hotel In New Orleans For $56M
1100 Tulane Avenue, New Orleans, Louisiana 70112, United States
$56,000,000
Building Size
—
Asset Type
Hotel
Closing
Mar 28, 2022
About this deal
AI
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.
Players
New Orleans Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93