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Marcus & Millichap Sells Best Western Vero Beach Hotel In Florida For $6.4M

Property Image
SOLD
$6,400,000
Kian Mclean
Ahmed Kabani

Florida

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Hotel
Sold 06/13/2023
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Property Image
SOLD

Marcus & Millichap Sells Best Western Vero Beach Hotel In Florida For $6.4M

9330 19th Ln, Vero Beach, FL 32966, United States

See Similar Deals
Hotel
Sold 06/13/2023
Kian Mclean
Ahmed Kabani
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

Marcus & Millichap has sold the Best Western Vero Beach hotel in Florida for $6.4 million. The hotel is located at 9330 19th Lane in Vero Beach. This transaction demonstrates the high demand for hotel assets in the state.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $6,400,000
  • Address: 9330 19th Lane - Best Western Vero Beach
  • Market: Vero Beach

The brokers involved in the deal were Ahmed Kabani and Kian McLean from Marcus & Millichap. The sale involved a 1031 buyer and was completed within 60 days with favorable financing terms. The property keys were 65, with a price per key of $98,462.

NOTE: Marcus & Millichap successfully completed the sale of the Best Western Vero Beach hotel for $6.4 million. This transaction highlights the strong demand for hotel assets in Florida and demonstrates the expertise and efficiency of Marcus & Millichap in closing deals within a short timeframe.

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

Details

SOLD
IMAGE: Kian McLean & Ahmed Kabani DATE: 06/13/2023 ADDRESS: 9330 19th Lane - Best Western Vero Beach MARKET: Vero Beach ASSET TYPE: Hotel BROKERS: Ahmed Kabani & Kian McLean - Marcus & Millichap (@MarcusMillichap_Fl) SALE PRICE: $6,400,000 KEYS: 65 ~ PPK: $98,462 NOTE: Marcus & Millichap has sold the Best Western Vero Beach hotel in Florida for $6.4 million, demonstrating the high demand for hotel assets in the state. The transaction involved a 1031 buyer and was completed within 60 days with favorable financing terms.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$341,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,737.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,339.27
Annual Debt Service$364,071.18