Updated Mar 18, 2025
Morning Star Hospitality Acquires Courtyard By Marriott In Charlotte For $19.75M
321 W Woodlawn Rd
$19,750,000
Building Size
—
Asset Type
Hotel
Closing
Aug 8, 2023
About this deal
AI
Morning Star Hospitality has acquired the 175-room Courtyard by Marriott Charlotte Airport/Billy Graham Parkway hotel in Charlotte, N.C. The property is located at 321 W Woodlawn Rd and sits on 3.63 acres of land. The sale took place on August 8, 2023, with a sale price of $19.75 million.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $19,750,000
- Address: 321 W Woodlawn Rd
- Market: Charlotte, NC
- Acres: 3.63
The buyer, Morning Star Hospitality, purchased the hotel from the seller, PEG Cos. This acquisition adds to Morning Star Hospitality's portfolio as they continue to expand in the Charlotte market.
Players
Charlotte Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93