MIAMI, Florida—The Kabani Hotel Group announced the sale of the La Playa Hotel redevelopment in Daytona Beach, Florida. The property is a 10-story building that, at the time of sale, was completely gutted and ready to be redeveloped into a new hotel.
“Through our marketing process, we had over 150 CAs signed and multiple offers. Ultimately, we were able to secure a deal with a local buyer who had the necessary experience to undertake a project like this and provide the seller with certainty of closing. We wish the buyers all the best in this new endeavor and are confident that, given the oceanfront location of this project and their experience, the upcoming hotel will be a tremendous success,” said a representative from Kabani Hotel Group.
Ahmed Kabani, Luis Garino, and Suraj Dalal, investment specialists, Kabani Hotel Group, represented the seller, 2500 NORTH ATLANTIC AVE LLC, and the buyer, PRM Hotel Group, in this transaction.
The property is a concrete structure that used to be an operating hotel. Built in 1984, the property was gutted to be redeveloped by the seller, but the project never moved forward.
