Dev Surati's NorTex Lodging Acquires Hotel In Grand Prairie For $X.XM
3659 Prairie Waters Dr Grand Prairie, TX 75052, USA
Building Size
102,932 SF
Asset Type
Hotel
Closing
May 31, 2023
AI
A hotel located at 3659 Prairie Waters Drive in Grand Prairie has been sold in a recent transaction. The property spans across 102,932 square feet and has been acquired by NorTex Lodging, represented by Dev Surati. The seller, CWA Management, was represented by Charlie Anderson. The deal was facilitated by Chris Janowski from Duwest Realty, who served as the buyer's representative, and Andrew Lehner from CBRE, who represented the seller.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: Not disclosed
- Address: 3659 Prairie Waters Drive
- Market: Grand Prairie
- Buyer: Dev Surati - NorTex Lodging
- Seller: Charlie Anderson - CWA Management
- Buyer's Representative: Chris Janowski - Duwest Realty
- Seller's Representative: Andrew Lehner - CBRE
While specific financial details of the transaction were not disclosed, the sale of the hotel on Prairie Waters Drive marks an important deal in the Grand Prairie market. The involvement of reputable representatives like Chris Janowski and Andrew Lehner adds credibility to the transaction and further emphasizes the significance of this property sale.
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