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Innovative Hospitality Management Acquires Inn At Fox Chase In Bensalem For $13.75M

Property Image
SOLD
$13,750,000

Pennsylvania

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Hotel
Sold 06/07/2023
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Property Image
SOLD

Innovative Hospitality Management Acquires Inn At Fox Chase In Bensalem For $13.75M

3327 Street Road Bensalem, Pennsylvania 19020, United States

See Similar Deals
Hotel
Sold 06/07/2023
the dealdetailscomps

Summary

PENNSYLVANIA
Asset Type:Hotel
Transaction Type:Sale

The Inn at Fox Chase in Bensalem, Bucks County, Pennsylvania, has been sold to New Hope-based Innovative Hospitality Management for $13.75 million. The hotel, located at 3327 Street Road, is an attractive investment due to its proximity to Parx Casino and Racing and recent renovations. The property consists of 167 keys, with a price per key of $82,335.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $13,750,000
  • Address: 3327 Street Road - Inn at Fox Chase, Bensalem, Pennsylvania
  • Market: Bensalem, Pennsylvania
  • Buyer: Innovative Hospitality Management - Montu Patel
  • Seller: GHM Properties
  • Keys: 167
  • Price Per Key: $82,335

Innovative Hospitality Management, represented by Montu Patel, has acquired the Inn at Fox Chase. The company plans to focus on attracting corporate and event business to the property, taking advantage of its proximity to Parx Casino and Racing and the recent renovations.

Details

SOLD
IMAGE: Montu Patel DATE: 06/07/2023 ADDRESS: 3327 Street Road - Inn at Fox Chase MARKET: Bensalem, Pennsylvania ASSET TYPE: Hotel BUYER: Innovative Hospitality Management - Montu Patel SELLER: GHM Properties SALE PRICE: $13,750,000 KEYS: 167 ~ PPK: 82,335 NOTE: New Hope-based Innovative Hospitality Management has acquired the Inn at Fox Chase in Bensalem, Bucks County, for $13.75 million. The hotel's proximity to Parx Casino and Racing, along with its recent renovations, makes it an attractive investment for the company, which plans to focus on attracting corporate and event business to the property.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$733,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$48,850.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,182.01
Annual Debt Service$782,184.18