Marcus & Millichap Sells Best Western Castillo Del Sol In Ormond Beach For $16.6M With Kabani Hotel Group

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.