BY: SEAN ROTH | REAL ESTATE EDITOR | Original Source
BUYER: LVP HMI Ft. Myers LLC, Lakewood, N.J.
SELLER: Summerlin Square LLC
PROPERTY: 11281 Summerlin Square Drive, Fort Myers Beach
PRICE: $9.43 million
PREVIOUS PRICE: $4.57 million, October 2012
LAW FIRM ON DEED: Eckert Seamans Cherin & Mellott LLC, Boston
New York City-based The Lightstone Group purchased the 120-room Hampton Inn & Suites Fort Myers Beach/Sanibel Gateway for $9.43 million.
The price equated to $78,542 per room.
The hotel occupies a 4.1-acre parcel and features an outdoor heated swimming pool, meeting space, business center and fitness room.
The seller, investment fund TerraCap Partners II, purchased the 80,651-square-foot hotel in 2012. TerraCap Management LLC, which manages the fund, says during those two years the fund spent around $1.8 million on a capital improvement plan that completely renovated all of the units and lobby. It also brought in a new general manager and changed out two thirds of the hotel staff.
“A big reason why we were able to command that price was we took that Hampton Inn from 560th [in performance] out of 665 Hamptons to 60th,” says W. Stephen Hagenbuckle, managing principal of TerraCap Partners. “We brought it to its highest level in 12 years of existence for sales and net operating income.”
Lightstone develops, manages and invests in all sectors of the real estate market, including residential, hospitality, commercial and retail. It is currently active in 24 states and has a $2 billion portfolio with more than 9 million square feet of office, retail and industrial space, 11,000 residential units, 12,000 land lots and 3,500 hotel units.
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