A quintet of ex-Marcus & Millichap brokers fashioned their personal business, concentrating on hotel deals in Florida and throughout the U.S.
Ahmed Kabani, a previous leader of Marcus & Millichap’s countrywide hospitality group, released Miami-based Kabani Resort Team, a press launch states. Joining Kabani as associates are Luis Garino, Suraj Dalal, Kian McLean, and Lucas Mondino.
Kabani joined Marcus & Millichap in 2008 and remaining in January, he reported. His four companions labored for the brokerage concerning 2021 and last year, Kabani included.
Ryan Nee, a Marcus & Millichap broker who leads the firm’s South Florida division, explained Kabani team’s departure was amicable. “We want Ahmed and his workforce all the ideal in their long term endeavors,” Nee wrote in an email. “And we are grateful for the contributions they have manufactured in the course of their time at our company.”
In an electronic mail, Garino claimed that among him, Kabani and the three other brokers, they represented shoppers on the sale of 49 hotels in Florida and other states totaling nearly $500 million in 2022 and 2023, the release states. In the course of that identical span, the five brokers bought motels really worth $135.4 million just in Miami-Dade, Broward and Palm Beach counties, Garino mentioned.
“While our workforce was accomplishing fantastic at Marcus & Millichap, we felt it was time to branch off and build a thing that would cater specially to the hospitality and growth entire world,” Garino wrote. “To give the greatest solutions to our clients we believe that it is important to have the means to broaden freely inside of the states and all the overseas marketplaces.”
Very last calendar year, Kabani’s staff brokered the $28 million sale of the 253-vital Sheraton Suites Fort Lauderdale at Cypress Creek. They represented the seller, Tampa Bay actual estate trader Ben Mallah, and the buyer, an investment team led by Arif Butt, Garino said.
The quintet also represented the sellers and the buyers of 3 separate promotions in Florida Metropolis amongst 2022 and previous year for a mixed $18 million, Garino reported. The bargains included a Getaway Inn, an Econo Lodge and a Baymont Inn. Also in 2022, the team brokered the sale of two La Quinta Inn & Suites qualities in close proximity to Miami Global Airport for $32.5 million.
“As for the new beginnings, our business [Kabani Hotel Group] is doing the job on a couple bargains listed here in South Florida which ought to develop into general public inside of the next month or so,” Garino wrote.
Previous year, five other customers of Marcus & Millichap’s South Florida hospitality division switched over to Cushman & Wakefield in Boca Raton. They beforehand worked in Marcus & Millichap’s Fort Lauderdale workplace.
