facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Hotel

/

Sale

/

1340 Millersport Highway

Visions Hotels Acquires Amherst Hotel For $14.15M From Seller Rialto
SOLDHotel

Visions Hotels Acquires Amherst Hotel For $14.15M From Seller Rialto

1340 Millersport Highway

$14,150,000

$60/SF

Building Size

234,487 SF

Asset Type

Hotel

Closing

Nov 15, 2023

AI

A hotel located at 1340 Millersport Highway in Amherst has recently been sold in a transaction facilitated by Sean Banilivy, Bennett Webster, and Brent Clemens of Paramount Lodging Advisors. The property, with a total area of 234,487 square feet, was purchased by Minesh Patel, representing Visions Hotels, from Alex Diaz of Rialto. The sale price for this transaction was $14,150,000, resulting in a price per square foot of $60. The hotel comprises 356 keys, resulting in a price per key of $39,747.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $14,150,000
  • Market: Amherst
  • Buyer: Minesh Patel - Visions Hotels
  • Seller: Alex Diaz - Rialto
  • Brokers: Sean Banilivy, Bennett Webster & Brent Clemens - Paramount Lodging Advisors
  • Square Footage: 234,487
  • Price per Square Foot: $60
  • Number of Keys: 356
  • Price per Key: $39,747

This transaction showcases the collaboration between Minesh Patel of Visions Hotels, representing the buyer, and Alex Diaz of Rialto, representing the seller. Sean Banilivy, Bennett Webster, and Brent Clemens of Paramount Lodging Advisors acted as the brokers in this deal, facilitating a successful transaction for all parties involved.

Players

Bennett Webster

Paramount Lodging Advisors

Broker

$64.4M

vol

6 deals

Broker

Minesh Patel

Buyer

$23.8M

vol

2 deals

Buyer
Rialto Capital Management
Rialto Capital ManagementLender

Buffalo Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.12%

Cash-on-Cash

-0.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93