Bajwa Properties LLC Acquires Hilton Garden Inn & Staybridge Suites Hotel In Reno, Nevada For $48.4M
9920 Double R Blvd - Hilton Garden Inn Reno, Nevada & 10559 Professional Circle - Staybridge Suites,Reno, Nevada
$48,390,000
Building Size
—
Asset Type
Hotel
Closing
Mar 16, 2023
About this deal
AI
Hilton Garden Inn located at 9920 Double R Blvd and Staybridge Suites located at 10559 Professional Circle in Reno, Nevada were recently sold in a transaction. The properties were sold as a part of a hotel asset sale.
Summary of transaction details:
- Property Type: Hotel
- Sale Price: $48,390,000
- Number of Keys: 229
- Price Per Key: $211,310
The buyer of the properties is Bajwa Properties LLC, while the seller is Blackstone Real Estate Income Trust Inc, represented by Stephen A. Schwarzman. The transaction was facilitated by Cushman & Wakefield.
This sale highlights the lucrative hotel market in Reno, Nevada, indicating investor confidence in the industry. The transaction emphasizes the growing demand for hospitality assets in the area and showcases the expertise of the involved parties in successfully closing the deal.
Players
Reno 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93