Florida HIE sold for $13.2 million

Holiday Inn Miami Florida Sold for $13.2M

HOLIDAY INN EXPRESS & Suites Florida City, a 105-room property in Florida, was sold for $13.2 million at a price per key of $125,714. The deal was brokered by Kabani Hotel Group, led by CEO and founder Ahmed Kabani and partner Suraj Dalal.

This transaction marked Kabani's fifth successful deal of the year, the company said in a statement.

“We were already familiar with this property, having successfully facilitated its sale in 2023 to the previous owner,” said Kabani. “Following the completion of renovations and the required PIP, we leveraged our market expertise and targeted outreach to carefully select a buyer who recognized the property’s potential.”

However, the terms and conditions of the transaction were not disclosed.

Florida's hospitality sector saw continued investor interest in 2024, driven by tourism growth, population increases, and demand for branded limited-service hotels, the statement said. Despite economic shifts and financing challenges, assets like Holiday Inn Express & Suites Florida City attract institutional and private buyers seeking long-term value.

“Our team successfully navigated the sale of this hotel through a strict, confidential, and targeted process,” said Dalal. “We identified the buyer within 15 days. Despite facing multiple headwinds, such as limited capital market availability and high insurance premiums, the deal closed on time.”

Miami-based Kabani Hotel Group completed 15 hotel transactions in 2024, including five in South Florida, and has closed about $2 billion in hospitality deals over 15 years.

In January, Kabani brokered the $22 million sale of Radisson Red Miami Airport, a 157-room property east of Miami International Airport, at $140,127 per key. Meanwhile, the company hosted its 8th Annual Hotel Investment Forum on Oct. 24 at JW Marriott Marquis Miami, themed "The Time Is Now," with sessions and panels.