An Orlando-based hotel investor paid $2.15 million last month for the Days Inn Kissimmee West at 4125 W. Vine St.
The 50-room motel was built in 1984 and formerly operated as the "Inn at Oak Plantation," until M&W International Investments bought it in 2014 for $1.25 million and renovated the property, bringing it up to brand standards and nearly doubling the Average Daily Rate (ADR).
The buyer is an affiliate of Kana Balendran, who is president of K & B Hotels & Investments. The sale closed on Oct. 6 and the deed recorded on Oct. 31, along with a $1.8 million mortgage from Celtic Bank.
Kissimmee real estate broker Susana Wong was the original manager for M&W. She and a partner utilized a number of grants from the W192 Development Authority to help pay for improvements at the property, including a $20,000 matching facade grant for new asphalt and striping in the parking lot.
M&W also received two sign grants from the development authority to pay for new signs at the motel. Those total nearly $113,000.
The motel is between two independent operators that both sold in 2016 for $1.6 million. The renovations and Wyndham flag affiliation could help explain the 34-percent price difference between those properties and the Days Inn.
"What it really helps with, as much as anything, is financing," said Paul Sexton, vice president of HREC Investment Advisors, a national brokerage offering consulting, development and asset management services to the hotel industry.