Ryan Shaw Of Marcus & Millichap Represents Buyer In $24M Sale Of Stadium Hotel Miami

The Stadium Hotel, located at 21485 Northwest 27th Avenue in Miami Gardens, has been sold for $24,000,000. This hotel asset comprises 217 keys and has a price per key of $110,599. The property was sold to a California-based institutional investor with a focus on adaptive reuse and the deal closed in under 75 days at a 4.64% cap rate.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $24,000,000
• Keys: 217
• Price Per Key: $110,599
• Market: Miami Gardens
• Buyer’s Representative: Ryan Shaw - Marcus & Millichap
• Seller’s Representatives: Suraj Dalal & Ahmed Kabani - Kabani Hotel Group - Marcus & Millichap

Kabani Hotel Group facilitated the all-cash transaction, which reflects strong investor demand in South Florida, as it closed approximately 20% above typical hospitality offers.