THE KABANI HOTEL Group arranged the off-market sale of a 110-room independent hotel in Miami Springs, Florida, for $16.2 million, or $147,272 per room. The 110-room, six-story property, recently updated, is near Miami International Airport and nine miles from Brickell and Downtown Miami.
Kabani, led by Ahmed Kabani as president and CEO, and Luis Garino as a partner, brokered the sale of the 1986-built property on behalf of the seller.
Despite the current headwinds in the market, such as elevated interest rates and rising insurance costs, we were able to source an international institutional buyer with the capacity to close the deal on favorable terms and aggressive pricing, Kabani Hotel said in a statement.
Kabani, of South Asian origin and a former leader of Marcus & Millichap’s national hospitality group, launched the Miami-based Kabani Hotel Group with partners Garino, Suraj Dalal, Kian McLean, and Lucas Mondino.
In 2020, Kabani compiled a biweekly guide to hospitality research to help hotels navigate the financial crisis caused by the COVID-19 pandemic.
