The Kabani Hotel Group has arranged the off-market sale of the 110-room independent hotel in Miami Springs, FL. The asset sold for $16.2 million, or $147,272 per room.
The property was originally the Holiday Inn Express Miami Springs before the seller took off the flag and named it the Onyx Hotel Miami Airport before the sale.
The company said in a statement, “Despite the current headwinds in the market, such as elevated interest rates and rising insurance costs, we were able to source an international institutional buyer with the capacity to close the deal on favorable terms and aggressive pricing,”
Ahmed Kabani and Luis Garino, investment specialists at the company, arranged the sale of the property on behalf of the seller, a limited liability company.
The property is a six-story, 110-room, interior corridor hotel. Built in 1986, it recently underwent improvements. It is located next to Miami International Airport and nine miles from the Brickell and Downtown Miami neighborhoods.
