Alexander Cartwright's Vilicus Capital Acquires Houston Hotel For $3.4M
702 North Sam Houston Parkway East
$3,400,000
$45/SF
Building Size
74,091 SF
Asset Type
Hotel
Closing
Jan 19, 2024
AI
The property at 702 North Sam Houston Parkway East in Houston has been sold for $3,400,000. The asset is a 74,091 square feet hotel with 120 keys. The sale price per square foot is $46, and the price per key is $28,333. The seller of the property was Koshy Joseph.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $3,400,000
- Address: 702 North Sam Houston Parkway East
- Market: Houston
Alexander Cartwright from Vilicus Capital purchased the hotel property. Rorik Seth from Amin Realty, Inc represented the buyer in this transaction. Amin Realty, Inc brokered the sale of the hotel. Alexander Cartwright plans to convert the hotel into workforce housing.
Players
Houston Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93