OHS Hotels sold the Fairfield Inn & Suites by Marriott, a 74-room hotel in Fort Walton Beach, Fla., for $11.2 million to KKFL.
“This transaction underscores the continued investor interest in Florida’s hospitality sector, particularly in markets like Fort Walton Beach and the Florida Panhandle that benefit from high per-diem rates and strong military-driven demand,” David Altman, first vice president investments at Marcus & Millichap’s Fort Lauderdale office, said in a statement. “We were able to successfully market the hotel following its recent brand conversion, attracting an out-of-state buyer looking to enter Florida due to its business-friendly environment. The long-term Marriott license and proximity to Hurlburt Field and Eglin Air Force Base made this an attractive asset, and we anticipate continued investor appetite in similar markets.”
Altman exclusively represented the OHS Hotels, a local hotel management company. Curt Allen of Colliers International represented KKFL, a California-based private investor group making its first hospitality acquisition in Florida. As part of the acquisition, KKFL LLC has engaged Ark Hospitality for third-party management services.
The Fairfield Inn & Suites recently completed a brand conversion from a Holiday Inn Express to a Fairfield Inn & Suites by Marriott and has a 20-year license agreement with Marriott. The property’s amenities include a fitness center, outdoor swimming pool and business center.