Marriott International Acquires Midtown Hotel From Westbrook Partners For $166M
201 Park Ave S, New York, NY 10016, USA
$166,000,000
$830/SF
Building Size
200,000 SF
Asset Type
Other
Closing
Oct 16, 2019
About this deal
AI
Marriott International has acquired a hotel property located at 201 Park Avenue South in Midtown. The hotel spans across 200,000 square feet and was sold by Westbrook Partners for a price of $166,000,000, resulting in a price per square foot of $830.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $166,000,000
- Square Footage: 200,000
- Price Per Square Foot: $830
- Date: 10/17/2019
- Address: 201 Park Avenue South, Midtown
Arne Sorenson, CEO of Marriott International, represented the company in this transaction. Westbrook Partners acted as the seller's representative.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93