AIDS Healthcare Foundation buys 217-room Stadium Hotel

A Miami Gardens hotel that has capitalized on its nearness to Hard Rock Stadium has been sold by its Davie owners to a global nonprofit AIDS foundation for $24 million.

The 217-room Stadium Hotel Miami was sold for about $110,644 per room during a softening in the county’s visitor industry but less than a year before seven World Cup soccer matches are to be played in the stadium 1.6 miles away.

The hotel at 21485 NW 27thAve. was purchased by AIDS Healthcare Foundation Inc., a California nonprofit public benefit corporation based in Los Angeles, from owner Stadium Hotels LLC in Davie.

The foundation, established in 1987, “is a global nonprofit providing cutting-edge medicine and advocacy to over 2 million people in 48 countries,” its website says. “We are currently the largest provider of HIV/AIDS medical care in the world…. As we create and implement new programs in communities across the US and abroad, we expand delivery of healthcare and influence over policy with the aim of saving more lives.”

The sale to the foundation was brokered by Suraj Dalal, partner at Kabani Hotel Group brokerage, with Ahmed Kabani, the company’s CEO.

“The asset generated strong international interest from various groups such as European institutional investment firms, showcasing the demand of the South Florida market,” said Mr. Dalal. “The buyer secured the deal through an all-cash offer which came around 20% above the hospitality offers and closed in under 75 days.”

“This transaction reflects renewed optimism in the market and shows that with the right connections and execution, even complex deals can close smoothly and above expectations,” Mr. Kabani said.

Miami’s hotel occupancies took a downturn in May after being up in the first four months of the year and international air arrivals at Miami International Airport slipped for the first half of the year, though not as far as was anticipated. In June, international passengers decreased 0.18% from June 2024.