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BUYER: Brahmas Hospitality LLC (principal: Sanjay Patel), Tampa
SELLER: Sandhu Inc.
PROPERTY: 2904 Melburne Blvd., Tampa
PRICE: $1.5 million
PREVIOUS PRICE: $1.44 million, May
LAW FIRM ON DEED: Christmas Spano & Owen PA, Riverview
PLANS, DESCRIPTION: Tampa hotelier Sanjay Patel purchased the former Days Inn Tampa/Port of Tampa/Ybor City for $1.5 million.
The price equated to $12,821 per rentable unit.
The 47,862-square-foot motel was built in 1984. Patel has converted the three-story motel into a Roadway Inn and Suites with 117 rentable units.
“We plan to spend another $300,000 to $400,000 on improvements,” he says. “We'll be fixing up both the exteriors and interiors, redoing the whole pool area and repainting the hotel. We'll be putting kitchenettes in 30 of the suite rooms turning them into real extended-stay suites.”
Patel primarily acquired the motel because of advantages in combination with the 125-unit Quality Inn & Suites he owns behind it. Patel purchased the bank-owned two-story hotel nearly a year ago for $3.25 million ($26,000 per unit).
“People had a problem finding us because [the Quality Inn] is set back,” he says. “This makes operations easier. I can put signage up and appeal to two different clientele.”
Purchase entity Brahmas Hospitality LLC mortgaged the property to First Citrus Bank for $1.3 million.
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