Kapstones is planting its flag in Miami by acquiring a Radisson-branded hotel for $22 million.
An affiliate of Sarasota-based Kapstones, led by CEO Marc Gagliardi, bought the Radisson Red Miami Airport at 3401 Northwest 25th Street, records and real estate database Vizzda show.
The buyer also took over a $15.3 million Centennial Bank loan secured by the six-story building with 157 rooms completed in 2021. The deal breaks down to $140,127 per key.
The seller, Miami-based Riviera Point Development Group, developed the hotel after paying $2.9 million for the 1-acre site in 2015, records show.
Terry Hatfield with HotelMax, Kapstones’ in-house brokerage, handled the most recent deal, said Kapstones COO Hugo Gagliardi.
Kapstones owns two hotels in Sarasota and Orlando under its own brand, Kompose, Gagliardi said. The firm is in the process of converting 11 other recently acquired Florida properties, including the Radisson Red Miami Airport, into Kompose hotels, he added.
“The location is as close as it can be to the airport,” Gagliardi said. “It’s a very strong market, and it was the perfect fit for our brand development.”
South Florida has experienced a hot streak in hotel investment sales over the past year. Last month, Paul Singer’s Elliott Investment Management dropped $53 million for The Gates Hotel South Beach. The West Palm Beach-based firm plans on rebranding the 230-room Miami Beach waterfront property into The Dean Hotel.
In October, British billionaires David and Simon Reuben pumped up their South Florida hospitality portfolio by paying more than $400 million for the W South Beach, another Miami Beach waterfront resort. The deal was the largest hotel deal of 2024.
The same month, Barcelona, Spain-based Grupo Hotusa also entered the South Florida market by purchasing an Art Deco hotel in Miami Beach for $19.7 million. The hospitality real estate firm bought the 71-room Eurostars Winter Haven. Hotusa also owns Eurostars, the brand that operates the hotel.
