Apple Hospitality REIT Acquires 299-Room SpringHill Suites By Marriott Las Vegas Convention Center For $75M
2989 Paradise Road
$75,000,000
Building Size
—
Asset Type
Hotel
Closing
Dec 28, 2023
About this deal
AI
Apple Hospitality REIT has acquired the SpringHill Suites by Marriott Las Vegas Convention Center in Las Vegas, Nevada for approximately $75 million. The hotel, located at 2989 Paradise Road, comprises 299 rooms.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Address: 2989 Paradise Road - SpringHill Suites by Marriott Las Vegas Convention Center
- Market: Las Vegas, Nevada
The buyer in this transaction is Nelson Knight, representing Apple Hospitality REIT. With this acquisition, Apple Hospitality's portfolio expands to include 225 hotels, totaling 29,900 guest rooms and spanning 38 states. The purchase price of $75 million corresponds to a rate of approximately $251,000 per key.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93