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18470 Dallas Pkwy Dallas, T...

Updated Oct 29, 2024

Wayside Investment Group Acquires 2 Extended Stay America Suites In Dallas
SOLDHotel

Wayside Investment Group Acquires 2 Extended Stay America Suites In Dallas

18470 Dallas Pkwy Dallas, TX 75287, USA

Building Size

Asset Type

Hotel

Closing

Jul 19, 2023

About this deal

AI

Wayside Investment Group, led by Miraj Patel, has recently acquired two Extended Stay America Suites properties in Dallas. The properties are strategically located near the Irving Convention Center and DFW International Airport, making them highly desirable for both business and leisure travelers. With a total of 268 keys, these hotels offer comfortable and affordable accommodations to meet the strong lodging demand in the DFW metroplex.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: Not mentioned in the CONTEXT
  • Keys: 268
  • Buyer: Wayside Investment Group - Miraj Patel
  • Seller: Not mentioned in the CONTEXT

This acquisition is a strategic move for Wayside Investment Group, as they recognize the potential for favorable returns in the thriving DFW hospitality market. The proximity to the Irving Convention Center and DFW International Airport ensures a steady flow of guests, making these properties a valuable addition to their portfolio. Wayside Investment Group, under the leadership of Miraj Patel, continues to make strategic investments in the real estate market to expand their presence and maximize their returns.

Players

Texas Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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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

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