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Joneses buy Capri Inn, plan rehab, rebranding
BUYER: Capri Inn at Siesta LLC (principal: Don and Elena Jones), Sarasota
SELLER: Bonus Properties Inc.
PROPERTY: 6782 Sarasea Circle, Sarasota
PRICE: $995,000
PREVIOUS PRICE: $1.93 million, October 2005
LAW FIRM ON DEED: Charles H. Ball & Associates PA, Sarasota
PLANS, DESCRIPTION: Don and Elena Jones of Sarasota purchased the 10-unit Capri Inn at The Beach motel on Siesta Key east of Midnight Pass Road from a The Bank of Commerce subsidiary for $995,000. The purchase price equated to $99,500 per unit.
“I've been watching it for over a year; I like that area on Siesta,” Don Jones says. “I was just waiting for the price to get right. Eventually the buyer got motivated. For a hotel on Siesta [the price] is a little below average.”
The property needs some maintenance work including a new roof, according to Jones.
The new owners expect to be able to improve the occupancy, currently around 45%, quickly through additional marketing. They expect to rehab and rebrand the motel in the summer.
“The previous owner already did all the paper work with the state of Florida for it to be converted to a condominium,” Jones says. “So we will probably fix things up at the hotel and market it as a condominium to owners with the opportunity to have revenue come in.”
The motel features several efficiencies with kitchenettes, and is part of an association with other hotels for the use of shuffleboard courts and a pool.
Peter Bartys with the Michael Saunders & Co. Commercial Group represented the bank.
The purchase entity Capri Inn at Siesta LLC mortgaged the property to the seller The Bank of Commerce for $595,000.
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