A Georgia-based family of hotel investors paid a recorded $9.9 million on Wednesday to enter the Orlando market, buying a 100-key Best Western northwest of Orlando International Airport that came fully renovated.
The buyer was MJC Orlando LLC, an affiliate of MJC Hospitality principals Ojash Shah and Archana Shah. The couple also owns and operates a Comfort Inn & Suites near Robins Air Force Base in Warner Robins, Georgia.
Bina Desai with Charles Rutenberg Realty served as listing agent on the property for the past year on behalf of seller RD Hotel Group LLC, an investment vehicle for Rahim Dhanji and family, who previously paid $4.7 million in 2013.
Desai told GrowthSpotter on Thursday that the hotel was operating with an average occupancy rate of 90 percent during the marketing period, and that renovations by Dhanji eliminated the need for a Property Improvement Plan (PIP) by the new owner.
Dhanji will look to reinvest the proceeds from his sale locally, said Desai, who will assist in the search. She does anticipate him operating under deadlines imposed by a 1031 exchange.
The Shahs did not respond to requests for comment on Thursday. Their buyer entity sourced a $5.134 million loan from Georgia-based Touchmark National Bank.