Kabani Hotel Group oversaw the sale of the Voco St. Augustine – Historic Area by IHG, a 50-room upscale boutique hotel 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 percent capitalization rate and an estimated ~5.3× room revenue multiple.
The transaction was exclusively listed and brokered by Lucas Mondino, partner at Kabani Hotel Group. The property was under contract and closed within 44 days.
“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,” Lucas Mondino said in a statement. “The sale of this asset represents a win for both buyer and seller, driven by quality construction, location fundamentals, and brand equity.”