Hampton Inn & Suites Trades North of Orlando
- Sep 08, 2016
Gainesville, Fla.—Hampton Inn & Suites Gainesville recently traded for approximately $27 million, seller Ashfort Hospitality Trust Inc. announced. The buyer, Miami-based Key International, paid in cash for the 124-key hotel.
The purchase price, including capital expenditure per key, represents a trailing 12-month capital rate of 8.3 percent on total net income. In this period, the hotel obtained a RevPar of $130, an ADR of $156, and an 83 percent occupancy rate. Out of the $26 million gross proceeds, $21 million was used to cover existing debt and transaction costs, the company obtaining net proceeds of approximately $5 million in total.
Hampton Inn & Suites in Gainesville is located off Highway 441, at 01 SE 1st Ave., within walking distance from dining, shopping and entertainment destinations. The property is also situated just 1.7 miles away from the Ben Hill Griffin Stadium and 3.5 miles from Florida Museum of Natural History. Hotel amenities include a fitness room, outdoor saltwater pool and spa, as well as meeting facilities for up to 200 people and a business center with faxing, printing, photo copying and audio/visual equipment.
Image courtesy of Hampton Inn & Suites