Miami-based hotel brokerage firm Kabani Hotel Group has completed the sale of the Radisson Red Miami Airport, a 157-room property located east of Miami International Airport. The transaction closed for $22 million, or $140,127 per key.

Kabani Hotel Group held the exclusive listing for the property, which attracted nine offers from both domestic and international investors. The property was placed under contract and closed within 30 days. The transaction achieved a 3.22% cap rate, underscoring its strong positioning within the South Florida hospitality market, according to the company.

“This was a challenging deal as it required us to navigate multiple headwinds, including hotel supply in the market, tight timelines, debt availability, and multiple prior attempts to sell the property,” said Suraj Dalal, partner, Kabani Hotel Group, who brokered the deal with Ahmed Kabani, CEO/founder of the firm. “As this is our fifth hotel sold in the South Florida market in less than a year, our Team leveraged our relationships through our previous deal flow and extensive database to complete the sale.”

Ahmed Kabani added, “We are confident the new ownership will excel at this location. Our strategic marketing efforts garnered more than 150 confidentiality agreements. Despite elevated interest rates and financing challenges, the right buyer was identified, assuming existing debt and closing efficiently.”

Miami and the South Florida MSA remain prime markets for hospitality investment, driven by strong tourism, international appeal and economic growth, the company reported. Miami International Airport’s more than 50 million annual passengers and South Florida’s population growth of 1.2% annually fuel pre- and post-cruise stays, extended stay and business travel.

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