MIAMI, Florida—Kabani Resort Group introduced the profitable sale of voco St. Augustine — Historic Space by IHG, a 50-room upscale boutique lodge situated between downtown St. Augustine and St. Augustine Seashore. The asset offered for $9,000,000, representing roughly $180,000 per key, and closed at a 6.3 % capitalization charge and an estimated ~5.3× room income a number of.
The transaction was solely listed and brokered by Lucas Mondino, associate at Kabani Resort Group. The property was below contract and closed inside 44 days.
In-built 2019, the three-story voco St. Augustine is among the latest resorts out there. As a part of IHG’s upscale voco model, the lodge is positioned to seize a mix of historic tourism and seaside demand.
“St. Augustine is one in all Florida’s most sturdy leisure markets with a walkable historic core, restricted lodge provide progress, and powerful year-round demand,” mentioned Lucas Mondino. “The sale of this asset represents a win for each purchaser and vendor, pushed by high quality development, location fundamentals, and model fairness.”
