Kabani Hotel Group has closed on the sale of voco St. Augustine – Historic Area by IHG, a 50-room upscale boutique hotel located between downtown St. Augustine and St. Augustine Beach. The asset sold for $9 million, representing approximately $180,000 per key, and closed at a 6.3% capitalization rate and an estimated 5.3x room revenue multiple.
The transaction was exclusively listed and brokered by Lucas Mondino, partner, Kabani Hotel Group. The property was under contract and closed within 44 days, highlighting the continued investor confidence in well-branded, leisure-driven assets within Florida’s high-barrier secondary markets.
Built in 2019, voco St. Augustine is one of the newest hotel offerings in the market, featuring interior corridors, three stories and premium guest amenities. As part of IHG’s upscale voco brand, the hotel is uniquely positioned to capture a blend of historic tourism and beach demand.
“St. Augustine is one of Florida’s most durable leisure markets with a walkable historic core, limited hotel supply growth and strong year-round demand,” said Mondino. “The sale of this asset represents a win for both buyer and seller, driven by quality construction, location fundamentals
