Dinesh Patel Purchases Holiday Inn Express In Dallas From Perry Molubhoy Of Atlantic Hotels
6055 Lyndon B Johnson Freeway
Building Size
74,656 SF
Asset Type
Hotel
Closing
Jan 8, 2025
About this deal
AI
The transaction involved the sale of a hotel asset located at 6055 Lyndon B Johnson Freeway, within the Dallas market. The property is identified as the Holiday Inn Express - Dallas Galleria, which is strategically positioned near the bustling Galleria area, enhancing its value for potential growth.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not specified
- Buyer: Dinesh Patel
- Seller: Perry Molubhoy - Atlantic Hotels
- Broker: Jatin Jariwala - Hotel Brokers of America
- Date of Transaction: 01/08/2025
This deal showcases the collaborative efforts and strong relationships facilitated by Jatin Jariwala from Hotel Brokers of America, who represented Perry Molubhoy and Atlantic Hotels in the sale. The transaction reflects the dynamism of the Dallas hospitality market, highlighting the opportunities available for local buyers.
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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