Apple Hospitality REIT Acquires Hotel In Portland, ME For $66.8M
158 Fore Street, Portland, ME 04101
$66,800,000
$24,777/SF
Building Size
2,696 SF
Asset Type
Hotel
Closing
Aug 25, 2021
About this deal
AI
A hotel located at 158 Fore St in Portland, ME has been sold for a price of $66,800,000. This property, owned by Apple Hospitality REIT and represented by Justin G. Knight, features 178 keys and a price per key (PPK) of $375,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $66,800,000
- Address: 158 Fore St, Portland, ME
- Market: Portland, ME
- Buyer: Apple Hospitality REIT - Justin G. Knight
- Keys: 178
- Purchase Price per Key (PPK): $375,000
This transaction involved Apple Hospitality REIT, with Justin G. Knight representing their interests. The property is located at 158 Fore St in Portland, ME. The sale price for the hotel was $66,800,000, with a total of 178 keys available. The PPK for this transaction was $375,000.
Players
Portland Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93