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Cobby Pourtavosi Of Capital Insight Acquires Doubletree Jersey City Hotel For $61.5M

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SOLD
$61,500,000

New Jersey

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Hotel
Sold 09/17/2024
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Property Image
SOLD

Cobby Pourtavosi Of Capital Insight Acquires Doubletree Jersey City Hotel For $61.5M

455 Washington Boulevard

See Similar Deals
Hotel
Sold 09/17/2024
the dealdetailscomps

Summary

NEW JERSEY
Asset Type:Hotel
Transaction Type:Sale

The asset involved in this transaction is the Doubletree Jersey City hotel, located at 455 Washington Boulevard in Jersey City. The hotel features 198 rooms and was acquired for a sale price of $61,500,000. The hotel also includes a troubled $60 million CMBS loan with an extended loan term until 2027, reflecting the property's recovery efforts from pandemic-induced financial issues. Currently, the hotel's occupancy is reported at 76.3%, generating a Revenue Per Available Room (RevPAR) of $195.16.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $61,500,000
  • Buyer: Cobby Pourtavosi - Capital Insight
  • Keys: 198
  • Price Per Key: $310,606

This transaction was facilitated by broker representatives in the industry, with Cobby Pourtavosi representing Capital Insight. The structured deal included the assumption of the existing loan and addressed the financial challenges faced by the hotel due to the ongoing recovery from the pandemic.

Details

SOLD
IMAGE: Cobby Pourtavosi DATE: 09/17/2024 ADDRESS: 455 Washington Boulevard MARKET: Jersey City ASSET TYPE: Hotel BUYER: Cobby Pourtavosi (@CobbyP126) - Capital Insight SALE PRICE: $61,500,000 KEYS: 198 ~ PPK: $310,606 NOTE: Capital Insight acquired the 198-room Doubletree Jersey City hotel for $61.5 million, assuming a troubled $60 million CMBS loan. The hotel's loan term was extended to 2027 as the property recovers from pandemic-driven financial struggles, with occupancy now at 76.3% and generating $195.16 RevPAR.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$3,280,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$218,496.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$291,541.38
Annual Debt Service$3,498,496.51