facebook
Traded Co logo
Submit
Daily limit: 0/10

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

Property Image
SOLD
$16,554,400
Kian Mclean
Ahmed Kabani
Lucas Mondino

Florida

See Similar Deals
Hotel
Sold 09/18/2023
the dealplayerscompscontact
Property Image
SOLD

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

205 South Atlantic Avenue

See Similar Deals
Hotel
Sold 09/18/2023
Kian Mclean
Ahmed Kabani
Lucas Mondino
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

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

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

Ahmed Kabani
Kabani Hotel Group
Ahmed Kabani
31 deals$346.8M volume
BROKER
Kian Mclean
Marcus & Millichap
Kian Mclean
8 deals$75.5M volume
BROKER
Lucas Mondino
Marcus & Millichap
Lucas Mondino
5 deals$51.6M volume(786) 522-7138
BROKER

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.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$882,901.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,814.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,476.30
Annual Debt Service$941,715.62