Kingsland Lodging Masters has sold the Sleep Inn Kingsland—a three-story, 72-room hotel in Kingsland, Ga.—for $6.2 million to Red Diamond Hospitality.
Marcus & Millichap managed the sale. This sale represents the 16th hotel transaction in 2022 for the firm's Kabani Hotel Group, amounting to over $132 million in sales.
“We generated multiple offers through our marketing process for the Sleep Inn Kingsland– which resulted in seeing significant interest from buyers throughout the country and internationally,” Marcus & Millichap Investment Associate Luis Garino said in a statement.“Ultimately, the buyer for this asset was a local investor who was able to offer the best possible terms and price for our client (the seller), resulting in a sale with very limited due diligence and at full list price.”
Garino and Ahmed Kabani, senior managing director of investments of the Kabani Hotel Group in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in the transaction.
Sleep Inn Kingsland is close to St. Mary’s Submarine Museum, Kings Bay Naval Submarine Base, St. Mary’s Howard Gilman Memorial Waterfront Park, and Cumberland Island National Seashore. Hotel amenities include a fitness and health center, pet-friendly rooms and laundry facilities.