Khan told GrowthSpotter he was drawn to invest in Orlando because of its tourism numbers, and the different demographic that offers from his Denver assets.
He plans to manage the Orlando property and split time between the two markets in the near future. Interior upgrades will be needed at the Days Inn, but Khan said he has yet to fully evaluate the property.
The sale closed on May 1 and was recorded Wednesday in Orange County. The deed taxes reflect a sale value of $47,517 per key, which is accurate to the total sale without deferred FF&E value, according to listing agent Kent Hricko of Marcus & Millichap.
The seller was Du-Pan Lights Hotels LLC, an investment vehicle for Colombian investors that were absentee owners, which previously paid more than $5.489 million in November 2006.