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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Deal FAQ
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