The Red Roof Inn Orlando West in Ocoee sold for an estimated $4.24 million last week to a newly formed affiliate of Shamir J. Patel and his family's hotel investment and management firm.
The property, located at 11241 W. Colonial Dr. a few blocks east of the 429 Western Beltway, is 2.16 acres overall, with an 83-room building that boasts 38,397 square feet of gross area.
The parcel was bought June 29 by VRP Holdings, a Florida LLC created May 14 by Orlando-based hotel investor Patel. His family's Capital Hospitality Management has owned or managed as many as 17 hotels throughout Florida in recent years, including four small budget hotels in the International Drive area.
Patel did not return calls for comment on Thursday.
Seller of the Red Roof Inn was Ocoee-based KLB L.L.C., an affiliate of owners of the Sabal Hotel in Ocoee, which acquired the property in December 2005 for $500,000.
It's the latest hotel property sale in what is shaping up to be a record year for Orlando in 2015, with the local market on pace for more than $2 billion in hotel sales by year's end.
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