BUYER OF MORTGAGE NOTE: CIS Sarasota LLC (DeBartolo Development LLC), Tampa
FORMER OWNER: Gulf Shore Hospitality LLC, Sarasota
ASSIGNOR: U.S. Bank NA as trustee
PROPERTY: 5730 Gantt Road, Sarasota
PRICE: N/A (mortgage originally valued at $8 million)
PREVIOUS PRICE: $10 million
LAW FIRM ON DEED: GrayRobinson PA, Tampa
PLANS, DESCRIPTION: Tampa-based DeBartolo Development LLC has purchased the mortgage note to the 101-room Country Inn and Suites hotel in Sarasota. The property was acquired for the DeBartolo Opportunity Fund I LP. It is the fund's third hotel asset and sixth asset overall.
DeBartolo says it purchased the note and took over the property for a 55% discount to the previous owner's investment.
The 204,565-square-foot hotel was built in 2003. It features an outdoor swimming pool, fitness center and 800 square feet of meeting space.
“Consistent with our fund strategy, we were able to negotiate a significantly discounted purchase price for a high-quality, income-producing property in an ideal location,” Edward Kobel, president and chief operating office of DeBartolo Development, says in a press release. “By acquiring the hotel at an attractive discount and installing a proven hotel management company, we expect to capitalize on the area's demand for comfortable business accommodations or guests on a Sarasota vacation. We're confident this will be a great addition to DeBartolo Opportunity Fund I.”