A pair of motels on the same block of Kissimmee's Vine Street corridor have both sold in recent months for the exact same price: $1.6 million.
The Tropicana Motel at 4131 W. Vine St. was the most recent transaction, changing hands on Aug. 22. Longtime owners Mohan and Neelam Anand sold the 32-year-old motel to Eskebee Inc.
Eskebee is managed by Baleswaran Kanagasabapathy, who previously owned the Piney Woods Lodge in Lake City. The company sold that motel, which was located on U.S. Hwy 90, to grocery store company Aldi in June for $1.14 million.
Eskebee took out a $1.25 million mortgage from American Business Lending to finance the purchase of the Kissimmee property.
The Enterprise Maingate Motel at 4121 W. Vine Street had sold in June to a Chinese investor making his second motel purchase on the U.S.192 corridor. Bing Huang Wang bought the 50-room motel through an affiliate company, G&Y Hotel LLC.
He took out a $1.1 million mortgage from the seller, U.S. Taiwan Enterprises.
Wang had paid $2 million in September 2105 for the Rodeway Inn at 4559 W. US 192. Built in 1984, the Rodeway Inn had 114 rooms.
City Redevelopment Director Craig Holland said no permits have been pulled for improvements at either property, but even if the new owners continue to operate them as budget motels the city would realize some benefit from the added taxable value.
Both the Tropicana and Enterprise lie within the city's Vine Street CRA district, which was formed in 2005.