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TownPlace Suites opens in Albuquerque, NM

It is managed by Sun Capital Hotels led by Deepesh Kholwadwala

Ed Brock
By Ed BrockAug 05, 2020
Ed Brock

Ed Brock is an award-winning journalist who has worked for various U.S. newspapers and magazines, including with American City & County magazine, a national publication based in Atlanta focused on city and county government issues. He is currently senior editor at Asian Hospitality magazine, the top U.S. publication for Asian American hoteliers. Originally from Mobile, Alabama, Ed began his career in journalism in the early 1990s as a reporter for a chain of weekly newspapers in Baldwin County, Alabama. After a stint teaching English in Japan, Ed returned to the U.S. and moved to the Atlanta area where he returned to journalism, coming to work at Asian Hospitality in 2016.

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The TownePlace Suites by Marriott Albuquerque Old Town in Albuquerque, New Mexico, is scheduled to open on Aug. 6. It is owned by IPMI Hotel Group and managed by Sun Capital Hotels led by Deepesh Kholwadwala as chief executive.

The 92-suite hotel is near the Indian Pueblo Cultural Center, Albuquerque International Sunport and the city’s downtown. Also nearby are Old Town Albuquerque, Sandia Peak Ski Area and the Sandia Peak Tramway.

Hotel amenities include an indoor swimming pool with an outdoor patio and a board room.

Last week, Indus Hospitality Group in Rochester, New York, led by Jett Mehta, opened a Microtel Hotel by Wyndham Hotels & Resorts in Warsaw, New York, and broke ground on another Microtel in Farmington, New York.

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Kabani brokers $9M sale of Florida voco
Photo Credit: voco hotel in St. Augustine, Florida

Kabani brokers $9M sale of Florida voco

Summary:

  • Kabani facilitated the $9M sale of the voco hotel in St. Augustine, Florida.
  • The 50-key, 2019-built hotel is on Anastasia Island.
  • The deal closed at a 6.3 percent capitalization rate and a 5.3x room revenue multiple.

KABANI HOTEL GROUP facilitated the sale of the 50-room voco hotel in St. Augustine, Florida, for $9 million, or $180,000 per key. The deal closed at a 6.3 percent capitalization rate and a 5.3x room revenue multiple.

The 2019-built voco, part of the IHG Hotels & Resorts portfolio, is on Anastasia Island, according to IHG. It is near Castillo de San Marcos, the Lightner Museum, St. George Street, the Colonial Quarter and Flagler College.

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