Kiran Patel-led group buys Hilton Garden Inn

BUYER: Excel Holdings 1 LLC (principal: Kiran Patel), New York City
SELLER: GECMC 2006 C1 University Drive LLC
PROPERTY: 12600 University Drive, Fort Myers
PRICE: $9.14 million
PREVIOUS PRICE: $14.5 million, March 2005
TITLE FIRM ON DEED: Novare National Settlement Service LLC, Tustin, Calif.

PLANS, DESCRIPTION: An investment group led by Tampa real estate investor and health care executive Dr. Kiran Patel purchased the five-story Hilton Garden Inn for $9.14 million.

The price equated to $72,500 per room or $123 per square foot.