BUYER: Mosi-OA-Tunya Inc. (principal: Shailesh Patel), Weston
SELLER: Citizens Bank
PROPERTY: 4139 E. Busch Blvd., Tampa
PRICE: $1.3 million
PREVIOUS PRICE: $2.4 million, December 2005
LAW FIRM ON DEED: Morris Manning & Martin LLP, Atlanta
PLANS, DESCRIPTION: Weston-based hotel investor Shailesh Patel purchased the 99-unit Roadway Inn Busch Gardens for $1.3 million.
The price equated to $13,131 per unit.
The property features an outdoor pool and a restaurant and lounge. Citizens Bank foreclosed on the property in March and sold it to Patel.
Terry Baltes of Baltes Commercial Realty represented the seller and Jaimin and Niven Patel of Marcus & Millichap's Tampa office represented the buyer. The brokers aren't related to the buyer.
“He bought it below replacement cost, looking to renovate the property and upgrade the franchise,” Jaimin Patel says. “There's a lot of deferred maintenance. The roof its out of shape. The sliding glass windows need to be removed.”
Patel says the hotel went through a renovation to be a Quality Inn, but the renovations were never completed.
The motel will remain open during the renovations, which could be completed by the end of the year. Jaimin Patel estimates the budget for the renovations will be from $500,000 to $700,000.
The purchase entity Mosi-OA-Tunya Inc. mortgaged the property to Citizens Bank for $1.26 million.