BUYER: Brahmas Inc. (principal: Sanjay Patel), Pinellas Park
SELLER: Grow Financial Federal Credit Union
PROPERTY: 4908 and 4955 E. 18th Ave., Tampa
PRICE: $3.25 million
PREVIOUS PRICE: $3.5 million, September 2007
LAW FIRM ON DEED: Kass Shuler Solomon Spector Foyle & Singer PA, Tampa
PLANS, DESCRIPTION: Hotelier Sanjay Patel of Tampa purchased the 125-unit Quality Inn & Suites for $3.25 million.
The price equated to $26,000 per unit.
Under bank ownership since March 2003, the two-story hotel has struggled with low occupancy. Its occupancy is currently running between 35% and 45%.
For Patel, the property represented a low cost of entry and a lot of upside.
“This is basically a new property,” he says. “Two and a half years ago, the owner did a renovation where he tore down the buildings to a few walls. This is like getting a brand new property. There's a little bit of wear and tear, but it's mostly in really good shape.”
The property features an outdoor heated pool, laundry facility, breakfast area, meeting room and fitness center. The 6.53-acre site also includes 3 acres of vacant developable land.
The new owner plans to improve the 64,957-square-foot hotel through a mixture of personal management, marketing and a shuttle service to nearby attractions, such as the Seminole Hard Rock Hotel & Casino.
Patel, who has managed seven hotels, most recently managed the 65-unit Country Inn & Suites By Carlson Tampa Airport North at Waters Avenue and Benjamin Road, which opened in 2010.
The purchase entity Brahmas Inc. mortgaged the property to First Citrus Bank for two loans totaling $2.77 million.
Jim Warren of Complete Commercial Realty handled the transaction.