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Baron Hospitality Acquires Hotel In North Charleston For $13.3M
SOLD
$13,300,000
South Carolina
See Similar DealsHotel
Sold 06/10/2024
SOLD
Baron Hospitality Acquires Hotel In North Charleston For $13.3M
2415 Mall Drive
See Similar DealsHotel
Sold 06/10/2024
Summary
SOUTH CAROLINA
Asset Type:Hotel
Transaction Type:Sale
The Courtyard North Charleston, a 123-room hotel located at 2415 Mall Drive in North Charleston, South Carolina, was recently sold for $13.3 million. This hotel, built in 1999, is strategically positioned near key attractions such as the Charleston International Airport and Tanger Outlets Charleston.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $13,300,000
- Address: 2415 Mall Drive
- Market: North Charleston, SC
- Buyer: Baron Hospitality
- Brokers: Chase Dewese, Jack Davis & Joce Messinger - Marcus & Millichap
- Keys: 123 ~ PPK: $108,130
Marcus & Millichap played a pivotal role in facilitating the sale of the Courtyard North Charleston to Baron Hospitality. The brokers involved in this transaction were Chase Dewese, Jack Davis, and Joce Messinger from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$709,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$47,252.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,048.79
Annual Debt Service$756,585.42
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