MIAMI, Florida—Kabani Hotel Group introduced the profitable sale of voco St. Augustine — Historic Space by IHG, a 50-room upscale boutique resort positioned between downtown St. Augustine and St. Augustine Seashore. The asset offered for $9,000,000, representing roughly $180,000 per key, and closed at a 6.3 p.c capitalization fee and an estimated ~5.3× room income a number of.
The transaction was completely listed and brokered by Lucas Mondino, accomplice at Kabani Resort Group. The property was beneath contract and closed inside 44 days.
Inbuilt 2019, the three-story voco St. Augustine is without doubt one of the latest lodges out there. As a part of IHG’s upscale voco model, the resort is positioned to seize a mix of historic tourism and seashore demand.
“St. Augustine is considered one of Florida’s most sturdy leisure markets with a walkable historic core, restricted resort provide progress, and powerful year-round demand,” mentioned Lucas Mondino. “The sale of this asset represents a win for each purchaser and vendor, pushed by high quality development, location fundamentals, and model fairness.”
