Kabani Hotel Group has brokered the sale of the Stadium Hotel in Miami. The 217-room property sold for $24 million or approximately $110,644 per key. Other terms and conditions were not disclosed.
The deal was exclusively listed and brokered by Suraj Dalal, partner, Kabani Hotel Group, alongside Ahmed Kabani, the company’s CEO and founder. The buyer was a California-based institutional investor focused on adaptive reuse, represented by Ryan Shaw of Marcus & Millichap.
“Due to limited comparable hotel performance data, prior marketing through ownership and financing complexities tied to historical financials, managing buyer expectations was challenging,” Dalal said in a statement. “However, through our formal process, the asset generated strong international interest from various groups such as European institutional investment firms, showcasing the demand of the south Florida market. The buyer secured the deal through an all-cash offer, which came around 20 percent above the hospitality offers and closed in under 75 days.”
Constructed in 1973 and renovated in 2017, the hotel is located 1.6 miles from Hard Rock Stadium and near many key demand drivers such as sports, entertainment, tourism and business.
“This process was a prime example of how we like to collaborate with brokers to maximize pricing for our clients,” said Kabani. “Although this was not a typical hotel sale, our past successes with similar assets, such as Radisson Red Miami Airport, helped navigate the buyer pool. This transaction reflects renewed optimism in the market and shows that with the right connections and execution, even complex deals can close smoothly and above expectations.”