Ahmed Kabani, CEO and founder of Kabani Hotel Group, and partner Suraj Dalal have completed the sale of The Radisson Red Miami Airport, a 157-room property located just east of Miami International Airport. The transaction closed at a sale price of $22,000,000, representing a price per key of $140,127. Other terms and conditions were not disclosed.
Kabani Hotel Group held the exclusive listing for the property and employed a traditional marketing approach that attracted nine offers from both domestic and international investors, creating a highly competitive bidding environment. The property was placed under contract and closed within 30 days. The transaction achieved a 3.22 percent cap rate, underscoring the strong positioning within the South Florida hospitality market.
"This was a challenging deal as it required us to navigate multiple headwinds, including hotel supply in the market, tight timelines, debt availability, and multiple prior attempts to sell the property," Dalal said in a statement. "As this is our fifth hotel sold in the South Florida market in less than a year, our team leveraged our relationships through our previous deal flow and extensive database to complete the sale."
Miami and the South Florida MSA remain prime markets for hospitality investments, driven by strong tourism, international appeal and economic growth, according to Kabani Hotel Group. Miami International Airport’s more than 50 million annual passengers and South Florida’s population growth of 1.2 percent annually fuel pre- and post-cruise stays, extended stays and business travel. Migration and infrastructure investments, including Brightline rail expansion, further solidify the region’s hospitality market as a high-yield opportunity for investors.
"We are confident the new ownership will excel at this location. Our strategic marketing efforts garnered over 150 confidentiality agreements," Kabani said. "Despite elevated interest rates and financing challenges, the right buyer was identified, assuming existing debt and closing efficiently.”