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 hotel located at 499 West Main Street in Charlottesville, VA, was sold for $24,000,000. The property, known as Quirk Hotel, was acquired by Blue Suede Hospitality Group, LLC, from the seller Quirk Charlottesville, LLC.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $24,000,000
- Address: 499 West Main Street, Charlottesville, VA
- Market: Charlottesville, VA
- Buyer: Blue Suede Hospitality Group, LLC
- Seller: Quirk Charlottesville, LLC
- Brokers: Jenny Stoner & John Pritzlaff - Cushman & Wakefield
Cushman & Wakefield | Thalhimer facilitated the acquisition of Quirk Hotel by Blue Suede Hospitality Group. Blue Suede Hospitality Group, a New York-based firm specializing in hotel acquisitions, plans to rebrand the hotel, leveraging its prime location near the Downtown Mall and the University of Virginia grounds.
On the Map
$24,000,000
Hotel
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Players
Charlottesville Hotel Market Snapshot
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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