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Tanzanian developer Rofail buys Monterey Village Motel

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  • | 10:00 a.m. November 26, 2014
  • Manatee-Sarasota
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BUYER: Tembo Enterprises LLC (Associated member: Elia Rofail), Sarasota
SELLER: Raul and Antonia Correa and Transito Maturana
PROPERTY: 2413 N. Tamiami Trail, Sarasota
PRICE: $1 million
PREVIOUS PRICE: $280,000, May 1984
LAW FIRM ON DEED: Ann S. Johnson PA, Sarasota

PLANS, DESCRIPTION: Tanzanian developer Elia Rofail purchased the 15-unit Monterey Village Motel and a single-family home for $1 million.

The price equated to $66,666 per unit, excluding the home.

The motel sits on a nearly acre parcel zoned North Trail along U.S. 41. The 1,511-square-foot, three-bedroom single-family home was previously used to house the property manager. The weekly and monthly motel portion of the property is close to 100% occupied.

Lee DeLieto Jr. of the DeLieto & Associates real estate team of Michael Saunders & Co. represented the seller and Mike Migone of Sperry Van Ness represented the buyer.

“He was buying the property to keep it running as a motel,” Migone says. “The interest level came because the college is across the street. Somewhere down the road this could be a development play. But he was buying it because he likes Sarasota and sees the potential of that area.”

The purchase entity, Tembo Enterprises LLC, mortgaged the property to the sellers, Raul and Antonia Correa and Ricardo and Maria Maturana, for $300,000.



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