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Baywood Hotels Acquires Foundry Place Hotel In Portsmouth, NH For $4.25M

Property Image
SOLD
$4,250,000

New Hampshire

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Hotel
Sold 04/24/2023
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Property Image
SOLD

Baywood Hotels Acquires Foundry Place Hotel In Portsmouth, NH For $4.25M

165 Deer Street

See Similar Deals
Hotel
Sold 04/24/2023
the dealplayerscompscontact
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Summary

NEW HAMPSHIRE
Asset Type:Hotel
Transaction Type:Sale

Baywood Hotels has purchased a property located at 165 Deer Street in downtown Portsmouth, New Hampshire for $4.25 million. The seller, Foundry Place Hotel, completed the transaction with the assistance of Christian Stallkamp from The Boulos Company serving as their broker. The asset in question is a hotel.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $4,250,000
  • Address: 165 Deer Street
  • Market: Portsmouth, NH
  • Buyer: Baywood Hotels
  • Seller: Foundry Place Hotel
  • Broker: Christian Stallkamp - The Boulos Company

Baywood Hotels plans to utilize the property to construct a new Hyatt Place hotel. This new hotel will feature 117 rooms and a café on the ground floor. Additionally, a parking garage with 51 spaces will be included in the development. The transaction also included the acquisition of 117 keys for the hotel, with a price per key of $36,325.

Players

Christian Stallkamp
The Boulos Company
Christian Stallkamp
3 deals$13.3M volume
BROKER
BH
Baywood Hotels
BUYER

Details

SOLD
IMAGE: Christian Stallkamp DATE: 04/24/2023 ADDRESS: 165 Deer Street MARKET: Portsmouth, NH ASSET TYPE: Hotel BUYER: Baywood Hotels SELLER: Foundry Place Hotel BROKER: Christian Stallkamp - The Boulos Company SALE PRICE: $4,250,000 KEYS: 117 ~ PPK $36,325 NOTE: Baywood Hotels has bought a property in downtown Portsmouth, New Hampshire for $4.25 million from Foundry Place Hotel. Baywood intends to construct a new Hyatt Place hotel with 117 rooms, a parking garage with 51 spaces, and a café on the ground floor, with Christian Stallkamp from The Boulos Company serving as the broker for the seller.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$226,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,099.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,147.17
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