Kabani Hotel Group has overseen the sale of the Ramada Baymeadows in Jacksonville, Fla. The property sold for $13.5 million and was delivered fully vacant at closing, representing a non-operational, special-situation investment.
The transaction was exclusively brokered by Lucas Mondino, partner at Kabani Hotel Group, alongside Ahmed Kabani, founder & CEO of the firm.
The property was not in operation at the time of sale and reflected a negative cash flow scenario, requiring a strategic repositioning approach. Rather than underwriting the asset based on in-place hotel performance, the buyer identified value through an adaptive-reuse strategy, acquiring the property for conversion into veterans housing.
“This was a highly nuanced transaction where traditional hotel metrics did not apply,” Mondino said in a statement. “We focused on identifying buyers who could see beyond the existing condition of the asset and capitalize on its underlying real estate value and alternative-use potential.”
Located within an established Jacksonville corridor with strong accessibility and surrounding infrastructure, the asset presented a compelling opportunity for repositioning into a needs-based housing use. The buyer, a nonprofit organization, intends to convert the property to provide housing for veterans within the immediate Jacksonville MSA.
“This transaction reflects a broader trend we are seeing across the market, where underperforming or obsolete hotel assets are being repositioned into alternative uses,” Kabani said. “Our role is to bridge that gap and connect sellers with the right buyers who can unlock that value.”