The Kabani Hotel Group recently brokered and completed deals involving three different branded hotel assets in Florida.
The three properties that were sold included the Wyndham Garden Tallahassee, the La Quinta Inn & Suites Tampa Brandon West and the Comfort Inn International Drive in Orlando. With the three deals finalized, the Miami, Fla.-based brokerage firm has completed 12 deals for the year.
La Quinta Inn & Suites Tampa Brandon West
Most recently, the 101-room La Quinta Inn & Suites Tampa Brandon West sold for $8.3 million, representing a price per key of $82,178. Kian McLean, partner at Kabani Hotel Group, led the transaction, exclusively representing the seller.
Despite market uncertainties, the team identified a "motivated" buyer and facilitated a smooth closing process, according to the company.
“We ran a highly competitive marketing process that generated significant interest, resulting in seven qualified offers from both local and out-of-state buyers,” McLean said in a statement. “Ultimately, the strongest offer came from an experienced investor based in the Northeast who outbid all local buyers and demonstrated the commitment necessary to close the transaction efficiently.”
Wyndham Garden Tallahassee Capitol
The firm also completed the leasehold interest sale of the 147-room Wyndham Garden Tallahassee Capitol at a sale price of $7.9 million, representing a price per key of $53,844. The asset—encumbered by a CMBS loan—required a defeasance process to facilitate the sale. Despite operating with negative cash flow, the property traded at a 2.72 times room revenue multiplier, underscoring investor confidence in the market’s long-term potential, according to the company.
“This was a challenging deal that required us to navigate several complexities, including CMBS loan defeasance, leasehold transfer, constrained debt availability, and multiple prior failed sale attempts," said Suraj Dalal, partner at Kabani Hotel Group.
Comfort Inn International Drive
Finally, the Comfort Inn International Drive in Orlando sold for $10.4 million, representing a price per key of $93,660 and a room revenue multiplier of over four times. The transaction was arranged by Ahmed Kabani, Dalal and McLean of Kabani Hotel Group.
Leveraging its network of active hotel investors and strong understanding of capital markets, the company identified a qualified buyer and negotiated a closing that included the defeasance of an existing CMBS loan, according to the company. The property is expected to undergo "extensive" renovations under new ownership.