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BUYER: OPH Hotel LP (Palm Holdings Inc.), Naples
SELLER: Red Fifth Avenue Holdings XVII LLC
PROPERTY: 1785 Davis Blvd., Naples
PRICE: $6.2 million
LAW FIRM ON DEED: Roetzel & Andress, Orlando
PLANS, DESCRIPTION: Toronto-based commercial real estate firm and hospitality operator Palm Holdings Inc. purchased the 124-room Fairfield Inn By Marriott for $6.2 million.
The price equated to $50,000 per room.
The 76,989-square-foot, three-story hotel was built in 2002.
The Canadian company plans to renovate the interior of the hotel and rebrand it. Rajan Taneja, director/owner of Palm Holdings, declined to release the name of the new brand until the agreement is finalized, but said it would be a major hotel flag. The hotel facility, he says, is one of best he's seen in Florida, but it had suffered the last few years from management issues.
“This property didn't go through foreclosure, but it was owned by a company that buys [mortgage] notes,” he says. “No one has really cared about that asset for the last two years. Still, it's in great shape.”
The new owner hopes renovations and the marketing muscle of the new brand will turn the hotel's business operations around.
Palm Holdings is a family-led business that owns and operates hotel and other hospitality projects and office buildings principally in Canada and the United Kingdom. This hotel is its first hospitality project in the United States, says Taneja, but the company is looking to acquire similar hotel opportunities.
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