A Boston-area hotel company paid $16.3 million last week for a 151-room Marriott flag hotel in Kissimmee's Calypso Cay Resort.
Bijal Hospitality managing member Mahesh Kumar Patel owns and manages several hotel properties in South Florida as well as the Polynesian Inn in St. Cloud. He told GrowthSpotter the majority owner is Jiten Hotel Management, and CEO Nayan Patel is also listed as a managing member. JHM specializes in Marriott brand conversions, but the majority of its assets are in the Northeast.
Bijal Hospitality assumed the balance of the original $8.5 million mortgage from the seller, Calypso Lodging Associates, through lender SouthTrust Bank.
The SpringHill Suites, a Marriott flag, is the second Calypso Cay hotel to change hands in the last year. The Inn at Calypso Cay sold in December to British-based Palm Holdings for $9.1 million.
At the time, Palm Holdings announced it would convert the 162-room Inn into a Holiday Inn Express to better compete with branded hotels at the resort. Palm also planned a 16-month renovation to bring the property up to international brand standards. It has since been accepted in the Disney Good Neighbor Hotel program.
Intram Investments will break ground soon on Sunrise City Plaza, a new Publix-anchored shopping center, at the northeast corner of the intersection at W. Osceola Parkway and SR 535 (Vineland Road).