THE RADISSON RED Miami Airport, a 157-room property located east of Miami International Airport, was sold for $22 million at a price per key of $140,127. Kabani Hotel Group, led by CEO and Founder Ahmed Kabani and partner Suraj Dalal, brokered the deal.
Kabani Hotel Group used a traditional marketing approach for the transaction, recording a 3.22 percent cap rate. The company received nine offers from domestic and international investors and closing the deal within 30 days of being under contract, the company said in a statement.
"We are confident the new ownership will excel at this location,” Kabani said. “Our strategic marketing efforts garnered over 150 confidentiality agreements. Despite elevated interest rates and financing challenges, the right buyer was identified, assuming existing debt and closing efficiently.”
Dalal said the deal was challenging due to multiple headwinds, including hotel supply, tight timelines, debt availability, and previous attempts to sell the property.
The other terms and conditions were not disclosed. However, the South Florida Business Journal reported that an affiliate of Sarasota-based Kapstones acquired the property from Miami River Point Hotel LLC.
Miami and the South Florida MSA remain markets for hospitality investments, driven by tourism, international appeal, and economic growth, the statement said. Miami International Airport’s 50+ million annual passengers and South Florida's 1.2 percent annual population growth support extended stays and business travel. Migration and infrastructure investments, including the Brightline rail expansion, strengthen the region’s hospitality market as a high-yield opportunity for investors.
Miami-based Kabani Hotel Group completed 15 hotel transactions in 2024, including five in South Florida. The brokerage has closed approximately $2 billion in hospitality transactions over the past 15 years.
In August, Kabani arranged the off-market sale of a 110-room Miami Springs hotel for $16.2 million. The company also hosted its 8th Annual Hotel Investment Forum at the JW Marriott Marquis Miami on Oct. 24, themed "The Time Is Now," featuring sessions and panel discussions.
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