Vesta Hospitality Acquires Cannon Beach Hotel For $58M
148 West Gower Avenue, Cannon Beach, Oregon 97110, United States
$58,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 2, 2022
About this deal
AI
A 95-key hotel located at 148 W Gower Ave in Cannon Beach, OR has been sold for $58,000,000. The transaction took place on 08/03/2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $58,000,000
- Market: Cannon Beach, OR
- Buyer: Vesta Hospitality
- Broker: Sonnenblick-Eichner Company
Vesta Hospitality, represented by Sonnenblick-Eichner Company, acquired the hotel property in the transaction. The deal marks a significant investment in the Cannon Beach hotel market.
The hotel sale at 148 West Gower Avenue, Cannon Beach, Oregon 97110, United States in Tolovana Park, Oregon sold for $58M in 2022. 148 West Gower Avenue, Cannon Beach, Oregon 97110, United States is classified as Hotel on Traded. This page is the Tolovana Park, Oregon file for the 148 West Gower Avenue, Cannon Beach, Oregon 97110, United States hotel sold: pricing, party profiles, and other closed hotel comps from the same Tolovana Park sit in the Market section below. Filter that Tolovana Park hotel set by closing date to see what else sold near 148 West Gower Avenue, Cannon Beach, Oregon 97110, United States around 2022. Published consideration for 148 West Gower Avenue, Cannon Beach, Oregon 97110, United States is $58M, dated 2022. Cite this Vesta Hospitality Acquires Cannon Beach Hotel For $58M sale when underwriting similar hotel product around Tolovana Park, Oregon.
Players
Tolovana Park 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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93