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Sunstone Hotel Investors Sells Boston Park Plaza Hotel For $370M
SOLD
$370,000,000
Massachusetts
See Similar DealsHotel
Sold 10/26/2023
SOLD
Sunstone Hotel Investors Sells Boston Park Plaza Hotel For $370M
50 Park Plaza
See Similar DealsHotel
Sold 10/26/2023
Summary
MASSACHUSETTS
Asset Type:Hotel
Transaction Type:Sale
The Boston Park Plaza, a 1,060-room hotel located at 50 Park Plaza in Boston, MA, has been sold for a gross sale price of $370 million. The transaction represents a 12.1x multiple on Hotel Adjusted EBITDAre and a 7.1% cap rate on Hotel Net Operating Income for the trailing four quarters. This sale marks a successful transaction for Sunstone Hotel Investors, Inc., who acted as the seller.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $370,000,000
- Keys: 1,060
- Price per Key: $349,057
Sunstone Hotel Investors, Inc., represented by Bryan Giglia, conducted the sale of the Boston Park Plaza. Sunstone Hotel Investors, Inc. is a prominent player in the hospitality industry, and this successful transaction further establishes their presence in the market.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$19,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,314,531.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,753,988.77
Annual Debt Service$21,047,865.18
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