K
apstones is expanding its presence in Miami with the acquisition of a Radisson-branded hotel for $22 million. The Sarasota-based company, led by CEO Marc Gagliardi, purchased the six-story Radisson Red Miami Airport at 3401 Northwest 25th Street through an affiliate. The deal includes taking over a $15.3 million Centennial Bank loan secured by the property, which features 157 rooms completed in 2021.

    The buyer paid approximately $140,127 per key for the hotel, which was developed by Miami-based Riviera Point Development Group after they acquired the site for $2.9 million in 2015. Kapstones' COO Hugo Gagliardi stated that Terry Hatfield with HotelMax represented the buyer in the deal, while Ahmed Kabani and Suraj Dalal with The Kabani Hotel Group represented the seller.

    Kapstones currently owns two hotels under its own brand, Kompose, in Sarasota and Orlando. The company is in the process of converting 11 other recently acquired Florida properties into Kompose hotels, including the Radisson Red Miami Airport. According to Gagliardi, "The location is as close as it can be to the airport... It's a very strong market, and it was the perfect fit for our brand development."

    This acquisition comes amidst a hot streak in hotel investment sales in South Florida, with several notable deals taking place over the past year.