Updated Oct 29, 2024
Innovative Hospitality Management Acquires Inn At Fox Chase In Bensalem For $13.75M
3327 Street Road Bensalem, Pennsylvania 19020, United States
$13,750,000
Building Size
—
Asset Type
Hotel
Closing
Jun 7, 2023
About this deal
AI
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.
On the Map
$13,750,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93