Blue Suede Hospitality Group Acquires Quirk Hotel In Charlottesville For $24M
499 West Main Street
$24,000,000
Building Size
—
Asset Type
Hotel
Closing
May 2, 2024
About this deal
AI
The asset involved in the transaction is a hotel located at 499 West Main Street in Charlottesville, VA. The sale price for the hotel was $24,000,000. Blue Suede Hospitality Group, LLC has acquired this asset from Quirk Charlottesville, LLC.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $24,000,000
- Buyer: Blue Suede Hospitality Group, LLC
- Seller: Quirk Charlottesville, LLC
- Buyer's Representative: Jenny Stoner & John Pritzlaff - Cushman & Wakefield
- Seller's Representative: Carter Gradwell - Walker & Dunlop
Cushman & Wakefield | Thalhimer facilitated the acquisition of Charlottesville's Quirk Hotel by Blue Suede Hospitality Group. The buyer specializes in hotel acquisitions and plans a full rebranding of the property, which is strategically located near the Downtown Mall and the University of Virginia grounds.
On the Map
$24,000,000
Hotel
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Charlottesville 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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93