SOLD
Marcus & Millichap Sells Best Western Castillo Del Sol In Ormond Beach For $16.6M With Kabani Hotel Group
205 South Atlantic Avenue
Hotel
Sold 235 days ago
Summary
Sale
FLORIDA
Hotel
The Best Western Castillo Del Sol in Ormond Beach, FL, has been sold by Marcus & Millichap for a price of $16.6 million. This oceanfront hotel achieved a high price-per-key of $112,614, making it a valuable asset in the market. The property, located at 205 South Atlantic Avenue, offers 147 keys, contributing to its desirability.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $16,554,400
- Address: 205 South Atlantic Avenue
- Market: Ormond Beach
- Brokers: Ahmed Kabani, Kian McLean & Lucas Mondino (The Kabani Hotel Group - Marcus & Millichap)
The sale of the Best Western Castillo Del Sol was facilitated by the Kabani Hotel Group to an out-of-state institutional buyer. Despite challenges in the market such as rising interest rates and insurance costs, the hotel attracted significant interest and achieved a favorable deal thanks to the expertise of the brokers involved.
Players
All
4
Agents
3
Agencies
1
Details
SOLD
IMAGE: Lucas Mondino, Kian McLean & Ahmed Kabani
DATE: 09/18/2023
ADDRESS: 205 South Atlantic Avenue - Best Western Castillo Del Sol
MARKET: Ormond Beach
ASSET TYPE: Hotel
BROKERS: Ahmed Kabani, Kian McLean & Lucas Mondino - The Kabani Hotel Group (@thekabanigroup) - Marcus & Millichap (@MarcusMillichap)
SALE PRICE: $16,554,400
KEYS: 147 ~ PPK: $112,615
NOTE: Marcus & Millichap sold the Best Western Castillo Del Sol in Ormond Beach, FL, for $16.6 million, achieving a high price-per-key of $112,614 for an oceanfront hotel. The sale was facilitated by the Kabani Hotel Group to an out-of-state institutional buyer, despite market challenges like rising interest rates and insurance costs.View on map
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Address205 South Atlantic Avenue
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