The Hare Krishna Lantana Hotel company bought a Motel 6 for $8.4 million.
Hare Krishna Lantana Hotel, managed by Vijay Patel, bought the 154-unit motel at 1310 West Lantana Road for $54,545 per unit, records show. Carrollton,Texas-based G6 hospitality sold the property.
The 39,520-square-foot building last traded for $5.7 million in 2012, records show. It was built in 1988. The Motel 6 sits on 3 acres off of I-95 near West Lantana Road.
G6 Hospitality was founded by William Becker and Paul Greene in 1962. The company owns, operates, and franchises more than 1,400 economy lodging locations under the Motel 6 and Studio 6 brands in the United States and Canada and the Hotel 6 brand in India. In 2012, Blackstone acquired the discount lodging chain from French hotel company Accor SA in a $1.9 billion deal.
Vijay Patel is affiliated with Hudson, Florida-based Star Oil, a supplier of petroleum products, according to its website.
Lantana will soon be seeing an influx of new development. Construction is underway at Water Tower Commons, a 73-acre mixed-use development, where Miami-based Related Group is building a 360-unit market-rate apartment complex. The project is at the former site of A.G. Holley State Hospital.