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MMI Acquires Little Switzerland Resort In Spruce Pine For $15.65M
SOLD
$15,650,000
North Carolina
See Similar DealsHotel
Sold 01/17/2024
SOLD
MMI Acquires Little Switzerland Resort In Spruce Pine For $15.65M
86 High Ridge Road
See Similar DealsHotel
Sold 01/17/2024
Summary
NORTH CAROLINA
Asset Type:Hotel
Transaction Type:Sale
MMI has acquired Little Switzerland, a 70-room resort in North Carolina's Blue Ridge Mountains, along with two adjacent residential houses, for $15.65 million. The property is located at 86 High Ridge Road in Spruce Pine, NC. This hotel asset was sold by an undisclosed seller in a closed transaction on January 17, 2024.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $15,650,000
- Address: 86 High Ridge Road, Spruce Pine, NC
- Market: Spruce Pine, NC
- Buyer: MMI
The sale of Little Switzerland was facilitated by McLean Hicklin from the Marcus & Millichap agency, who represented MMI in this transaction. The purchase includes the 70-room resort and two nearby residential houses. The buyer, MMI, acquired the property for a price of $15.65 million, with a price per key of $223,571.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$834,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,601.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,188.98
Annual Debt Service$890,267.81
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