Aman H. Patel & Jatin J. Patel Acquire 150-Room Hotel In Alexandria From Bill Kimpton
5637 Minnesota Highway 29
Building Size
100,000 SF
Asset Type
Hotel
Closing
May 27, 2026
About this deal
AI
The property involved in this transaction is a hotel located at 5637 Minnesota Highway 29 in Alexandria. The asset comprises 150 keys, with a total square footage of 100,000. The hotel features various amenities, including a restaurant, bar, and meeting space, and is known for its strong brand recognition. The property is slated for a comprehensive renovation aimed at improving operations and repositioning the asset in the hospitality market.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: Not specified
- Buyer: Aman H. Patel & Jatin J. Patel
- Seller: Bill Kimpton
- Date of transaction: 05/28/2026
Aman H. Patel and Jatin J. Patel are the buyers representing a strategic investment in a full-service hotel that presents a significant opportunity for enhancement through renovation. Bill Kimpton, the seller, has transferred ownership of the property as part of this transaction.
Players
Alexandria Hotel Market Snapshot
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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