Patel Capital Groups Acquires 52,000 SF Hotel In Laredo, TX From Neil Patel
3600 San Bernardo Avenue
Building Size
52,000 SF
Asset Type
Hotel
Closing
Dec 20, 2023
AI
The Hotel property located at 3600 San Bernardo Avenue in Laredo, TX has been sold in a transaction. The asset spans over a total area of 52,000 square feet. The sale took place on 12/20/2023.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: Not specified
- Market: Laredo, TX
- Buyer: Patel Capital Groups - Aman H. Patel
- Seller: Neil Patel
Patel Capital Groups, represented by Aman H. Patel, acquired the property from Neil Patel. The hotel will undergo a comprehensive renovation and will reopen as GuestHouse Extended Stay by Sonesta.
Players
Laredo 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