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BUYER: Value Place Ft. Myers FL Southeast LLC, Wichita, Kan.
SELLER: AGBL Ft. Myers Owner LLC
PROPERTY: 4395 Colonial Blvd., Fort Myers
PRICE: $6.04 million
PREVIOUS PRICE: $2.8 million, September 2007
LAW FIRM ON DEED: Dunwody White & Landon PA, Coral Gables
PLANS, DESCRIPTION: Wichita, Kan.-based lodging company Value Place purchased the 129-room Value Place Hotel in Fort Myers for $6.04 million.
The price equated to $46,812 per room.
The 43,724-square-foot, four-story hotel was constructed in 2008. Occupying a 3.4-acre site, the Value Place features a laundry room and extended-stay units with full-size refrigerators, two-burner stovetops and microwaves.
The hotel was purchased along with 21 other Value Place hotels from a Value Place franchisee, a partnership comprised of Angelo, Gordon & Co. and other prominent real estate investors. The 22 properties were purchased for $115 million, which included the assumption of existing debit. The $115 million sale price represented about a 9% purchase price pay off ratio (capitalization rate) based on the trailing 12-month earnings before interest, taxes, depreciation and amortization.
“This acquisition continues the growth of the Value Place brand, and is part of our larger plan to develop and acquire properties corporately, upgrade our properties to maintain high quality standards, and accelerate the growth of our franchise network,” Dan Weber, CEO of Value Place, says in a press release. “These 22 high quality properties are in many of the same major markets as our existing portfolio, which allows us to leverage marketing and management resources.”
Value Place now owns 74 of the 185 franchise locations and develops, franchises and manages Value Place properties throughout the United States.
The purchase entity, Value Place Ft. Myers FL Southeast LLC, mortgaged the property to U.S. Bank NA for $3.87 million.
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