Sarasota company buys Iowa hotel for $14.5 million

A Sarasota financial services firm has purchased an Iowa hotel. Glaxis Capital Management, which is based on John Ringling Boulevard on St. Armands Circle, bought the Element by Westin in West Des Moines for $14,525,000, according to property records from Polk County, Iowa.

Silverwest | WDM LLC was the seller of the hotel, which is located at 575 S. Prairie View Drive.

The 110-room hotel was developed in June 2017 by Silverwest Hotels, which reports it has 1,100 square feet of meeting space and is near the Wells Fargo campus in West Des Moines as well as Jordan Creek Town Center, the largest shopping center in the state.

Glaxis Capital Management bought the Element hotel through an LLC called StaySharpe West Des Moines. Managing members of Glaxis Capital Management include Paul Holland, Matthew Miller and John Copa, according to SEC filings.