Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, arranged the sale of the 74-room Fairfield Inn & Suites hotel in Fort Walton Beach, FL, for $11.2 million.
“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,” said David Altman, first VP, investments at Marcus & Millichap’s Fort Lauderdale office. “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 seller, OHS Hotels, a local hotel management company. Curt Allen of Colliers International represented the buyer, KKFL LLC, 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 hotel is positioned in a highly sought-after market due to its proximity to Hurlburt Field and Eglin Air Force Base, which contributes to consistently strong hotel demand. The Fort Walton Beach area also benefits from some of the highest per diem lodging rates in the country, according to the General Services Administration (GSA), making it particularly attractive for hotel investors.
The property recently completed a brand conversion from a Holiday Inn Express to a Fairfield Inn & Suites by Marriott and features a 20-year license agreement with Marriott. The property’s amenities include a fitness center, outdoor swimming pool, business center and complimentary breakfast, catering to both leisure and business travelers.
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