Aman H. Patel Acquires Hotel In Lafayette, LA From Shane Spallino
2280 Rees St Breaux Bridge, LA 70517, USA
Building Size
109,000 SF
Asset Type
Hotel
Closing
Aug 15, 2023
AI
The property involved in this transaction is a hotel located at 2280 Rees Street in Lafayette, LA. The hotel has a total square footage of 109,000. It was sold in a sale transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: Not specified
- Address: 2280 Rees Street, Lafayette, LA
- Market: Lafayette, LA
- Buyer: Aman H. Patel - Patel Capital Groups
- Seller: Shane Spallino
- Broker: Andrew Frosch - HVS
The buyer in this transaction is Aman H. Patel, representing Patel Capital Groups. The seller is Shane Spallino. The broker involved in the deal is Andrew Frosch from HVS. According to the note from the buyer, a Motel 6 I Studio 6 Dual Brand is planned to be established in the Lafayette market.
Players
Breaux Bridge Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93