DiamondRock Hospitality Co. Sells Midtown Manhattan Hotel For $185.3M
511 Lexington Avenue, Brooklyn, NY 11221
$185,300,000
$589/SF
Building Size
314,520 SF
Asset Type
Hotel
Closing
Jun 22, 2020
About this deal
AI
DiamondRock Hospitality Co. has sold a hotel property located at 511 Lexington Avenue in Midtown Manhattan. The property, with a total square footage of 314,520, was sold for a price of $185,300,000, resulting in a price per square foot of $589. The hotel features 725 keys, making the price per key approximately $256,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $185,300,000
- Address: 511 Lexington Avenue
- Market: Midtown Manhattan
- Square Footage: 314,520
- Price per Square Foot: $589
- Keys: 725
- Price per Key: $256,000
The seller in this transaction was DiamondRock Hospitality Co. The deal was completed on June 22, 2021, and the image associated with the property was taken by Mark Brugger.
On the Map
$185,300,000
$589/SF
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93