Hospitality Asset Funding Group (HAF) Acquires Hotel In Galveston From Mitchell Historic Properties
2300 Mechanic Street, Galveston, TX 77550, USA
Building Size
23,784 SF
Asset Type
Hotel
Closing
Feb 28, 2021
About this deal
AI
A hotel located at 2300 Ship Mechanic Row St in Galveston, Texas has been sold in a recent transaction. The property, owned by Mitchell Historic Properties, was purchased by Hospitality Asset Funding Group (HAF), with Paul Barham representing the buyer.
Summary of transaction details
- Property Type: Hotel
- Sale Date: 03/01/2021
- Address: 2300 Ship Mechanic Row St, Galveston, Texas
- Market: Galveston
The hotel, consisting of 108 keys, was successfully acquired by HAF with the assistance of Paul Barham. This sale marks a significant transaction in the Galveston market.
On the Map
Hotel
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Galveston Hotel Market Snapshot
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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