Jorge Romo Jr Purchases Four Points By Sheraton Houston From Bruce Chi Via Ten-X Auction
8270 Gulf Freeway
Building Size
48,000 SF
Asset Type
Hotel
Closing
Oct 29, 2024
AI
The asset involved in the transaction is a hotel located at 8270 Gulf Freeway in Houston. It is known as the Four Points by Sheraton at Houston Hobby Airport and features 79 keys. The property was sold via Ten-X Auction.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not disclosed
- Buyer: Jorge Romo, Jr
- Seller: Bruce Chi
- Broker: Rorik Seth - Amin Realty
- Market: Houston
Amin Realty Inc acted as the exclusive advisor to the ownership in this transaction. The buyer is a local investment group that is planning to complete the Property Improvement Plan (PIP) and maintain the existing brand flag.
Players
Houston 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