The Travelodge Florida Mall hotel, briefly considered for a Trump administration migrant children’s center, just sold for $5.5 million to a private investor based in New Jersey.
Records show Shri Shrenik Talati purchased the 133-unit property at 1850 W. Landstreet Road through an entity called Olden Plaza LLC.
The deal breaks down to about $41,353 per unit. According to a mortgage recorded in Orange County, the buyer secured seller financing in the sum of about $4 million.
Marcus & Millichap’s Ahmed Kabani represented both sides of the deal.
The seller, a company led by Jamil Kassam, initially bought the property in 2015 for $1.7 million. It was previously a Super 8 by Wyndham.
Kabani told GrowthSpotter the seller began repositioning the hotel shortly after purchasing the property. Upgrades were made to its sign, roof and utilities.
“We put it up to market around March of this year,” Kabani said. “Some offers were coming in about conversions or putting another flag.”
But the strangest of the offers was one made without Kabani knowing.
In August, the Orlando Sentinel reported that the site was one of several in Central Florida shortlisted by the federal government as a potential place to house unaccompanied migrant children detained at the southern U.S. border. It was part of the Trump administration’s plan to establish a permanent shelter in the region.
“A broker contacted the county without letting the seller know,” Kabani said, adding he was “shocked” to hear it because neither he nor the seller were made aware of such plans.
A month later, after several headlines of the search were made public, representatives at the Department of Health and Human Services contacted several members of Congress in Central Florida, as well as Orlando Mayor Buddy Dyer, to say the search for a state-licensed permanent shelter in the region had ended.
The property sits southwest of The Florida Mall, with easy access to Florida’s Turnpike and State Road 441.
Kabani said the mid-scale economy hotel rents units at rates typically between $50 to $80 a night. He said the property benefits from its location near Orlando International Airport.
“It has an opportunity to grow further under the new management,” Kabani said.