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Banks Rock LLC Acquires Four Points By Sheraton Greensboro Airport Hotel In Greensboro For $11.75M
SOLD
$11,750,000
+ 1
North Carolina
See Similar DealsHotel
Sold 01/23/2024
SOLD
Banks Rock LLC Acquires Four Points By Sheraton Greensboro Airport Hotel In Greensboro For $11.75M
Hotel
Sold 01/23/2024
+ 1
Summary
Asset Type:Hotel
Transaction Type:Sale
Cushman & Wakefield has facilitated the $11.75 million sale of Four Points by Sheraton Greensboro Airport, a 112-room hotel located at 7619 Thorndike Road in Greensboro, NC. The hotel was sold by Jai Amba Maa (JAM) Hospitality GSO Airport LLC to Banks Rock LLC. This transaction took place on January 23, 2024.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $11,750,000
- Address: 7619 Thorndike Road
- Market: Greensboro, NC
The sale was facilitated by Christopher Passeggiata, David Greenberg, Gabriel Shamay, and Rick Redmond of Cushman & Wakefield. They represented Banks Rock LLC as their brokers in this deal.
It is worth noting that the Four Points by Sheraton Greensboro Airport hotel consists of 112 rooms and has a price per key (PPK) of $104,911.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$626,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,745.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,700.99
Annual Debt Service$668,411.93
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