Virginia's LAP Groups buys Wynstar Inn & Suites

BUYER: Chesapeake Bay Hotel LLC (Bharet Patel), Chesapeake, Va.
SELLER: N.D.Y. Inc.
PROPERTY: 10150 Daniels Parkway, Fort Myers
PRICE: $2.8 million
PREVIOUS PRICE: $505,500, December 1999
LAW FIRM ON DEED: The Hendry Law Firm PA, Fort Myers

PLANS, DESCRIPTION: Chesapeake, Va.-based LAP Groups purchased the 77-room Wynstar Inn & Suites for $2.8 million.

The price equated to $36,364 per unit.

The 41,995-square-foot, three-story economy hotel was built in 2001. It is located two miles from Southwest Florida International Airport. The hotel, which sits on a 2.34-acre site, includes meeting rooms and an outdoor swimming pool.

“We plan to continue to run it as is,” says Peter Kumar, regional manager for LAP Groups. “There wasn't really anything exceptional about it; it's just an average hotel. We had the opportunity to buy it and felt it would be lucrative for our business.”

The business conglomerate currently owns a total of 12 hotels, eight in Virginia and four in Florida.

The purchase entity, Chesapeake Bay Hotel LLC, mortgaged the property to Encore Bank NA for two loans totaling $2.15 million.