Apple Hospitality REIT Acquires Hotel In Portland, ME For $51.2M
379 Commercial St, Portland, ME, USA
$51,200,000
$591/SF
Building Size
86,510 SF
Asset Type
Hotel
Closing
Oct 1, 2021
About this deal
AI
The Hotel located at 379 Commercial St in Portland, ME has been sold in a transaction that took place on October 1, 2021. The property was purchased by Apple Hospitality REIT, with Nelson Knight representing the buyer. The sale price for this transaction was $51,200,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $51,200,000
- Address: 379 Commercial St
- Market: Portland, ME
Nelson Knight from Apple Hospitality REIT acted as the buyer's representative in this deal. The hotel keys included in the transaction were 157, and the price per key was $326,000.
Portland 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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93