NewcrestImage LLC Acquires Marriott Dallas/Fort Worth Westlake Hotel In Westlake, Texas
1301 Solana Boulevard
Building Size
—
Asset Type
Hotel
Closing
Sep 26, 2023
About this deal
AI
NewcrestImage LLC, in partnership with Dabu Group, has acquired the 294-room Marriott Dallas/Fort Worth Westlake hotel in Westlake, Texas. The hotel, located at 1301 Solona Boulevard, will undergo a complete renovation following the acquisition. The purchase price and details regarding the seller have not been disclosed.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: Not disclosed
- Address: 1301 Solona Boulevard, Westlake, Texas
- Market: Westlake
- Keys: 294
Mehul Patel, representing NewcrestImage LLC, along with the Dabu Group, led the acquisition of the Marriott Dallas/Fort Worth Westlake hotel. The deal was brokered by Miles Spencer and Parker Sherrill from Newmark. They played a pivotal role in facilitating the transaction.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93