Holiday Inn Express & Suites in Florida City Sold for $13.2 Million

News Summary

The Holiday Inn Express & Suites in Florida City has been sold for $13.2 million by High Desert Motel Group LLC, facilitated by the Kabani Hotel Group. The transaction, completed in just 15 days, reflects robust investor interest in the South Florida hospitality market. The hotel features 105 renovated rooms and showcases the continuous growth of the region’s tourism sector.

Exciting Times in Florida City: Holiday Inn Express & Suites Sold for $13.2 Million

Florida City has witnessed a significant milestone recently with the sale of the Holiday Inn Express & Suites for a whopping $13.2 million. This significant deal was facilitated by the Kabani Hotel Group, a Miami-based firm known for their expertise in the hospitality industry. The transaction took place on February 25, signaling not just a new chapter for the hotel but also showcasing the ongoing vibrancy of the South Florida hospitality sector.

A Brief Look at the Property

Located at 124 E Palm Drive, this lovely hotel boasts 105 guest rooms, making it a cozy destination for visitors looking to explore the Sunshine State. Before this sale, the property underwent some impressive renovations and improvements to enhance guest experience and value. This, in turn, played a crucial role in fetching a favorable price of $125,714 per key. Not bad, right?

Quick Sale: A Smart Move

What’s even more interesting about this transaction is how swiftly it was handled. Through a discreet marketing process, Kabani Hotel Group managed to identify a buyer and close the deal in just 15 days. The successful buyer, Maniben Hotels LLC, received assistance from Kunvarji Hotels Inc., out of Homestead, helping them navigate the hotel acquisition process seamlessly.

Closing Details and Future Potential

On February 18, the deal was officially closed. Financing for the transaction included a first mortgage of $12.2 million, according to insights from CoStar Group. At the time of sale, the hotel’s assessed value was approximately $6.47 million, while the improvements carried a value of $3.6 million. This shows that the property’s upgrades really paid off!

Who Was Behind the Sale?

The seller, High Desert Motel Group LLC, is spearheaded by Mahesh R. Patel, who operates out of San Rafael, California. Patel isn’t new to the hospitality scene; he has successfully completed $26 million in acquisitions and $13.2 million in dispositions over the past five years. It seems he knows the ins and outs of hospitality investments, which adds credibility to this sale.

Kabani Hotel Group’s Track Record

Leading the charge for this sale was Ahmed Kabani, the founder and CEO of Kabani Hotel Group, who previously brokered the sale of this property to its last owner in 2023. With this transaction, the firm marks its fifth deal of the year alone and has closed approximately $2 billion in hotel transactions over the last 15 years. That’s a big deal in the world of hospitality!

The Bigger Picture in South Florida

This recent sale reflects the sustained interest investors have in the South Florida hospitality market. With a growing tourism industry, population shifts, and increased wealth migration, it’s an exciting time for those involved in this sector. Kabani Hotel Group underlines the importance of offering valuable opportunities for both buyers and sellers, highlighting the dynamic nature of the hospitality industry.

As we continue to see transformations within Florida City and beyond, one thing’s for sure: the hospitality game is strong, and the future of tourism continues to shine bright!

Deeper Dive: News & Info About This Topic

• Hotel Business: Holiday Inn Express & Suites Sold for $13.2 Million
• Miami Herald: Hurricane News
• AOL: Hotels for Sale in Myrtle Beach
• Google Search: Florida City hospitality
• Encyclopedia Britannica: Hospitality Industry