IQHQ Acquires Buckminster Hotel Corp In $42.5M Boston Hotel Sale
SOLD
$42,500,000
Massachusetts
See Similar DealsHotel2,360 SF
Sold 11/03/2021
SOLD
IQHQ Acquires Buckminster Hotel Corp In $42.5M Boston Hotel Sale
645 Beacon Street, Boston, MA 02215, USA
See Similar DealsHotel2,360 SF
Sold 11/03/2021
Summary
MASSACHUSETTS
Asset Type:Hotel
Price Per Square Foot:$18,008
Total Square Footage:2,360 SF
Transaction Type:Sale
The Buckminster Hotel in Boston, Massachusetts has recently been sold for a staggering price of $42,500,000. Situated at 645 Beacon St, this hotel property has proven to be an attractive investment opportunity in the bustling Boston market.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $42,500,000
- Number of Keys: 132
- Price Per Key: $321,970
IQHQ, represented by John Bonanno, emerged as the buyer of this prime hotel asset. On the other hand, the seller of the Buckminster Hotel was Buckminster Hotel Corp. This significant transaction marks a promising move for IQHQ, indicating their continued interest and investment in the Boston real estate market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$150,993.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$201,471.68
Annual Debt Service$2,417,660.19
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