BUYER: Bonita Springs HS LLC (principal: James Mann), Jacksonville, Ill.
SELLER: IAS Hotel LLC
PROPERTY: 8901 Highland Woods Blvd., Bonita Springs
PRICE: $3.35 million
PREVIOUS PRICE: $9.34 million, November 2005
LAW FIRM ON DEED: Becker & Poliakoff PA, Fort Myers
PLANS, DESCRIPTION: John and James Mann of Jacksonville, Ill., and Ed Walsh of Ann Arbor, Mich., purchased the 105-room Homewood Suites by Hilton Bonita Springs for $3.35 million.
The price equated to $31,905 per room.
The 75,006-square-foot multi-story hotel was originally built in 2001. The property features all one- or two-bedroom suites with separate living areas and full kitchens. It also includes an outdoor heated pool, fitness and business centers and two barbecue grills.
The three investors also own the nearby Hampton Inn Bonita Springs/Naples-North. An affiliated company, Hospitality Specialists Inc., manages both properties.
“This was our first opportunity to add to what we hope will be a larger portfolio of Florida properties,” says John Mann. “It is a beautiful hotel that was actually converted to condominiums back in the go-go days. A portion of the property was upgraded even beyond the level of a Homewood Suites. After the condos didn't sell, it was converted back to a hotel around 2009.”
Although the hotel was upgraded again in 2010, the new owners plan to make a number of additional improvements, including upgrading the carpeting and rooms.
The purchase entity Bonita Springs HS LLC mortgaged the property to The Farmers State Bank and Trust Co. for $3.83 million.