Hollywood-based AD1 Global bought an extended-stay, 120-room Candlewood Suites hotel in Fort Myers for about $94,500 per room.
Commercial property brokerage Marcus & Millichap announced the sale of the eight-year-old hotel by a private investment group for $11.35 million.
A pair of first vice president investments of Marcus & Millchap in Tampa, Jonathan Ruprai and Krone Weidler, represented the seller.
Ruprai and Ahmed Kabani, a first vice president investments in Miami, procured AD1 Global as the buyer.
“The buyer took advantage of an opportunity to acquire a Candlewood Suites for below replacement cost and plans to complete a renovation in order to increase the hotel’s market share,” Ruprai said in a prepared statement. “The Fort Myers hospitality market has experienced significant growth over the past several years.”
The hotel’s address at 9740 Commerce Center Court in Fort Myers is near such hotel-business generators as Gulf Coast University, Florida Southwestern State College, and the Shell Point Retirement Community.