Cain International Acquires Hotel In SoHo For $175 Million From CIM Group With Brokers Eastdil Secured
246 Spring Street
$175,000,000
$448/SF
Building Size
390,337 SF
Asset Type
Hotel
Closing
Oct 19, 2025
About this deal
AI
The asset involved in this transaction is a hotel located at 246 Spring Street in the SoHo market. The sale price for the property was $175,000,000. The hotel comprises a total of 276 keys, with a per key price of $634,057.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $175,000,000
- Address: 246 Spring Street
- Market: SoHo
- Keys: 276
- PPK: $634,057
- Buyer: Cain International
- Seller: CIM Group
- Brokers: Jeff Davis, Scott Ellman, Alyssa Kidd & Phil Gheorghiu - Eastdil Secured
The deal involved significant players in the real estate market, including Cain International as the buyer and CIM Group as the seller. The brokers representing the transaction were Jeff Davis, Scott Ellman, Alyssa Kidd, and Phil Gheorghiu from Eastdil Secured.
On the Map
$175,000,000
$448/SF
Hotel
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Players
New York 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93