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Ronak Patel Acquires Travelodge By Wyndham Hotel In Harvey, LA For $4.5M
SOLD
$4,495,000
Louisiana
See Similar DealsHotel
Sold 07/12/2023
SOLD
Ronak Patel Acquires Travelodge By Wyndham Hotel In Harvey, LA For $4.5M
2200 Westbank Expressway Harvey, Louisiana 70058, USA
See Similar DealsHotel
Sold 07/12/2023
Summary
LOUISIANA
Asset Type:Hotel
Transaction Type:Sale
Marcus & Millichap has successfully facilitated the sale of the Travelodge by Wyndham - New Orleans West, a 212-room hotel located at 2200 Westbank Expressway in Harvey, LA. The property was sold for $4,495,000, with a price per key of $21,203.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $4,495,000
- Address: 2200 Westbank Expressway, Harvey, LA
- Market: Harvey, LA
- Buyer: Ronak Patel
- Brokers: David Altman, Adam Sklaver & Philip Kates - Marcus & Millichap
- Keys: 212
- Price Per Key: $21,203
The deal was facilitated by Marcus & Millichap, with brokers David Altman, Adam Sklaver, and Philip Kates representing the parties involved in the transaction. The sale of the Travelodge by Wyndham - New Orleans West marks a significant achievement in the hospitality sector in Harvey, LA.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$239,733.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,969.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,308.59
Annual Debt Service$255,703.12
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