MIAMI, Florida—Kabani Hotel Group announced the successful 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 $9,000,000, 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.
Built in 2019, the three-story voco St. Augustine is one of the newest hotels in the market. As part of IHG’s upscale voco brand, the hotel is 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 Lucas Mondino. “The sale of this asset represents a win for both buyer and seller, driven by quality construction, location fundamentals, and brand equity.”
