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
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