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4500 Padre Boulevard, South...

HREC Investment Advisors Acquires Hotel In South Padre Island
SOLDHotel

HREC Investment Advisors Acquires Hotel In South Padre Island

4500 Padre Boulevard, South Padre Island, Texas 78385, United States

Building Size

Asset Type

Hotel

Closing

Jun 16, 2022

AI

4500 Padre Blvd, located in South Padre Island, has been sold in a recent transaction. The property involved in the deal is a hotel with 63 keys. The sale was facilitated by brokers Ketan Patel & Mark Rome of HREC Investment Advisors. The transaction took place on June 17, 2022.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: Not disclosed
  • Address: 4500 Padre Blvd
  • Market: South Padre Island
  • Keys: 63

Ketan Patel & Mark Rome of HREC Investment Advisors played a crucial role as brokers in the sale of the hotel property at 4500 Padre Blvd in South Padre Island. Their expertise in the market and experience in facilitating such transactions have contributed to the successful completion of this deal.

Players

Ketan Patel

JLL

Broker

$53.2M

vol

6 deals

Broker

South Padre Island 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