Press Releases
Marcus & Millichap Facilitates $8 Million Sale of Sebring Hotel
September 18, 2023
SEBRING, 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 Magnuson Grand in Sebring, Florida. The property sold for $8,000,000.
"This property sold for $56,737 per key, setting a record for exterior corridor hotels within a 50-mile radius of this asset. Despite the current headwinds related to rising interest rates and the Florida insurance market, we identified a strong local buyer, securing strong terms and aggressive pricing.” states The Kabani Hotel Group of Marcus & Millichap.
Ahmed Kabani and Kian McLean, 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 and McLean.
Magnuson Grand is located at 6525 US Highway 2 N, in Sebring’s Sun ‘N Lake neighborhood directly off US Highway 27 North. The 140-room property is 80 miles from Tampa and 90 miles from Orlando and just a seven-minute drive to Sebring Golf Course. The property’s amenities include free continental breakfast and parking, a pool, bar, laundry services, and more.
"This property sold for $56,737 per key, setting a record for exterior corridor hotels within a 50-mile radius of this asset. Despite the current headwinds related to rising interest rates and the Florida insurance market, we identified a strong local buyer, securing strong terms and aggressive pricing.” states The Kabani Hotel Group of Marcus & Millichap.
Ahmed Kabani and Kian McLean, 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 and McLean.
Magnuson Grand is located at 6525 US Highway 2 N, in Sebring’s Sun ‘N Lake neighborhood directly off US Highway 27 North. The 140-room property is 80 miles from Tampa and 90 miles from Orlando and just a seven-minute drive to Sebring Golf Course. The property’s amenities include free continental breakfast and parking, a pool, bar, laundry services, and more.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
