Kabani Hotel Group Sells 50-Room Hotel In St. Augustine For $9M At 6.3% Cap Rate

The transaction involved the sale of a 50-room hotel known as voco St. Augustine – Historic Area by IHG, located at 215 Anastasia Boulevard in St. Augustine. The hotel, built in 2019, is positioned between downtown St. Augustine and the beach. The sale price was $9,000,000, equating to $180,000 per key and reflecting a 6.3% capitalization rate along with a 5.3x room revenue multiple.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $9,000,000
• Keys: 50
• Price Per Key: $180,000
• Cap Rate: 6.3%
• Room Revenue Multiple: 5.3x
• Broker: Lucas Mondino - Kabani Hotel Group
• Market: St. Augustine
• Address: 215 Anastasia Boulevard

This transaction illustrates the strong investor demand for well-branded, leisure-driven assets within Florida’s constrained secondary markets, as evidenced by the involvement of Lucas Mondino from Kabani Hotel Group representing this sale.