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Investment group buys Estero Embassy Suites

  • By
  • | 3:33 p.m. July 30, 2010
  • Commercial Real Estate
  • Charlotte–Lee–Collier
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BUYER: RLJ III-EM Fort Myers LLC, Bethesda, Md.

SELLER: Carroll Hotel 21 LLC

PROPERTY: 10480 Corkscrew Commons Drive, Estero

PRICE: $11.4 million

PREVIOUS PRICE: $87,000 and $168,800, April 2005

LAW FIRM ON DEED: Greenberg Traurig PA, Orlando

PLANS, DESCRIPTION: A hotel investment group purchased the 150-suite Embassy Suites Estero-Fort Myers for $11.4 million.

The price equated to $76,000 per suite.

The buyer, RLJ III-EM Fort Myers LLC, is an affiliate of Bethesda, Md.-based hotel/resort investment firm RLJ Development LLC. The company declined to comment on the deal.

The four-year-old, seven-story hotel occupies 4.73-acres. The hotel features a business center, meetings rooms, a fitness room, a pool and the Eagles Nest Cafe.

RLJ Development purchased the 360-suite Embassy Suites Downtown Tampa on Florida Avenue for $77 million earlier this year. The firm's entities also own a Courtyard by Marriott, a Fairfield Inn & Suites and a Homewood Suites in Brandon, in addition to a Hampton Inn & Suites in Clearwater.


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