The 48-room Econo Lodge in North Fort Myers, Florida sold last month for an undisclosed price.
DSH Hotel Advisors, a national hotel brokerage and advisory firm headquartered in Tampa, arranged the sale. The DSH Hotel Advisors team – Dennis S. Hopper, CCIM, Managing Principal of the firm, and Randy B. Taylor, Senior Vice President Investments – held the exclusive listing with the seller, Laxmi Investments LLC, and also represented the buyer, Shiva 13301, LLC.
“North Fort Myers commerce is strong in this location and the rebound from Hurricane Ian is evident and ongoing. We had a large interest response to this asset, and we are excited to have achieved healthy market pricing for a Florida-based buyer, who recognizes the value in the location of the Econo Lodge in North Fort Myers and will be able to capitalize on the upward trend in revenue,” said Hopper.
DSH Hotel Advisors generated 200+ signed Confidentiality Agreements from qualified buyers and received multiple offers from buyers throughout the country during the exclusive listing with the seller.
“North Fort Myers is rapidly growing and finally receiving the capital needed to improve the area. Due to the location of the asset, the hotel has significant upside potential remaining for the new owner through capital improvements and property operations. Hurricane Ian forever impacted this region, which made this a unique acquisition opportunity for the buyers (Shiva 13301, LLC), and we expect them to be highly successful as the area continues to rebuild / modernize,” said Taylor.
The Econo Lodge by Choice Hotels is located in North Fort Myers, Florida with direct frontage and high visibility from Highway 41. The property has been recently renovated and remains in good condition due to an ongoing capital improvement plan. The property is easily accessible to several Fort Myers attractions, including the Fort Myers River District, JetBlue Park at Fenway South, Hammond Stadium, and several public beach destinations.
