Texas hotelier acquires historic district Holiday Inn

BUYER: 786 OM Myers LLC (principal: Wajidali Alladina), Albuquerque, N.M.

SELLER: GSP IV LLC

PROPERTY: 2431 Cleveland Ave., Fort Myers

PRICE: $3 million

PREVIOUS PRICE: $7.8 million, October 2009

LAW FIRM ON DEED: Greenberg Traurig PA, West Palm Beach

PLANS, DESCRIPTION: Texas hotelier Wajidali Alladina purchased the 122-room Holiday Inn in Fort Myers' Downtown Historic District for $3 million.

The price equated to $24,590 per unit.

The 68,568-square-foot, four-story hotel was built in 1990. It features a bar, laundromat, restaurant, executive club floors, lounge, outdoor pool and fitness center.

The hotel has an average occupancy rate between 50% and 60%, according to Bill Puglise, the hotel's general manager.

The new ownership plans to renovate the hotel's guest rooms, remodel the restaurant and bar area and install a new hot tub in the pool area, Puglise says.

Alladina owns several other hotels in Texas and New Mexico.

The purchase entity 786 OM Myers LLC mortgaged the hotel to The Bank of Las Vegas for $2.5 million.