Press Releases
Marcus & Millichap Brokers $16 Million Sale of Oceanfront Hotel
September 18, 2023
ORMOND BEACH, Fla., Sept. 18, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Best Western Castillo Del Sol in Ormond Beach, Florida. The property sold for $16,554,400.
"This hotel was sold for $112,614 per key, marking it as one of the highest price-per-key sales for an oceanfront hotel in the Ormond Beach market. Despite the current headwinds in the market, such as elevated interest rates and rising insurance costs, we were able to source an out-of-state institutional buyer with the capacity to close the deal on favorable terms and aggressive pricing.” states The Kabani Hotel Group of Marcus & Millichap.
Ahmed Kabani, Kian McLean, and Lucas Mondino, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, also a developer, was procured by Kabani, McLean, and Mondino.
Located at 205 S Atlantic Ave., Best Western Castillo Del Sol is a seven-story, 147-room hotel. Built in 1973, the property recently underwent improvements. Amenities include free parking, complimentary breakfast, a business center, a pool, and balconies in each room. The property is situated 4.4 miles from Daytona Beach Boardwalk and 10 miles from Daytona Beach International Airport.
"This hotel was sold for $112,614 per key, marking it as one of the highest price-per-key sales for an oceanfront hotel in the Ormond Beach market. Despite the current headwinds in the market, such as elevated interest rates and rising insurance costs, we were able to source an out-of-state institutional buyer with the capacity to close the deal on favorable terms and aggressive pricing.” states The Kabani Hotel Group of Marcus & Millichap.
Ahmed Kabani, Kian McLean, and Lucas Mondino, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, also a developer, was procured by Kabani, McLean, and Mondino.
Located at 205 S Atlantic Ave., Best Western Castillo Del Sol is a seven-story, 147-room hotel. Built in 1973, the property recently underwent improvements. Amenities include free parking, complimentary breakfast, a business center, a pool, and balconies in each room. The property is situated 4.4 miles from Daytona Beach Boardwalk and 10 miles from Daytona Beach International Airport.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
