Updated Dec 19, 2023
Riverbrook Equities, Coastal UP Partners Acquire Hotel In Philadelphia Airport For $11.9M
43 Industrial Highway, Essington, Pennsylvania 19029, United States
$11,900,000
$216/SF
Building Size
55,000 SF
Asset Type
Hotel
Closing
Jan 10, 2022
About this deal
AI
A hotel property located at 43 Industrial Hwy in Philadelphia Airport has been sold for $11,900,000. The transaction took place on January 10, 2022. The hotel spans over an area of 55,000 square feet, with a price per square foot of $216. The property includes 130 keys, resulting in a price per key of $91,538.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $11,900,000
- Address: 43 Industrial Hwy
- Market: Philadelphia Airport
The buyer of the hotel property is Riverbrook Equities represented by Steven Mendel, along with Coastal UP Partners represented by Pavan M. Uttam and David Newman. The seller of the property is Adam & Nina Patel.
Players
Tinicum Township Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.33%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93