"I've been a motel owner for almost 40 years in Florida City, but this property was purchased by my daughter and son-in-law, who live in Fort Lauderdale," Daya Patel told GrowthSpotter on Friday. "My daughter grew up in the motel business with us and has a lot of experience. This property was owned by a friend of mine who we learned wanted to sell. The property was in good shape, it's near UCF, Orlando is growing like crazy so they saw it as a good investment."
Ahmed Kabani, first president of investments in Marcus & Millichap's Miami office, procured the buyer.
The new owners won't be relocating to Orlando, and have hired a new general manager to lead the property while retaining the rest of staff, Patel said.
A mandated Property Improvement Plan (PIP) for the hotel will be carried out in the coming year, with cosmetic updates likely to cost an additional $200,000 in investment over the next two years, he added.