Mahant King George LLC Acquires Hotel In King George VA From MP King George LLC For $9.55M
16348 Gateway Ln
$9,550,000
Building Size
—
Asset Type
Hotel
Closing
Jul 31, 2024
About this deal
AI
The transaction involved the sale of a hotel asset located at 16348 Gateway Ln & 4235 Market Center Drive in King George, VA. The property is identified as a hotel with a sale price of $9,550,000 and encompasses 80 rooms, translating to a per-key price of $119,375.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $9,550,000
- Buyer: Mahant King George LLC
- Seller: MP King George, LLC
- Broker: David Butchello - Cushman & Wakefield
- Keys: 80
- PPK: $119,375
Mahant King George LLC acquired the hotel from MP King George, LLC, and has plans to continue operating the establishment under the Holiday Inn Express & Suites brand.
King George 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
1.66%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93