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Entrepreneurs buy Venice Holiday House


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  • | 11:02 p.m. November 5, 2010
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  • Manatee-Sarasota
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BUYER: 41 Bypass LLC (50% interest) and RD Venice Hotel LLC (50%), Sarasota


SELLER: CB Florida Holiday House Holdings LLC


PROPERTY: 455 N. U.S. 41 Bypass, Venice


PRICE: $1.3 million


PREVIOUS PRICE: $10 million, August 2006


LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota


PLANS, DESCRIPTION: Two Sarasota entrepreneurs purchased the 167-unit Holiday House hotel in Venice for $1.3 million.


The price equated to $7,784 per room.


The buyers used the corporate identities 41 Bypass LLC and RD Venice Hotel LLC for the purchase.


Built in 1974, the five-building hotel features a separate 14,241-square-foot restaurant. The buyers will consider renovating the hotel and rebranding it with a national flag. The hotel was last renovated in 2003.


The property was formerly owned by IberiaBank, which took it over in a foreclosure from Venice-based Best Southwestern Motels Inc.


41 Bypass LLC and RD Venice Hotel LLC mortgaged the property to the Kompo Family Co. LLC for $1.38 million.

 

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