Source: orlando.bizjournals.com
A four-story hotel in the middle of the International Drive tourist corridor is under new ownership.
Altamonte Springs-based Sun Vista Hotels LLC bought the 121-unit Masters Inn at 8222 Jamaican Court from Norfolk, Neb.-based Supertel LP for $3.6 million, Orange County records said. The deal closed Aug. 20.
John Worrell and Doug Rozzell of Thomas D. Wood & Co. in Winter Park secured a $3.8 million loan on Aug. 21 for the acquisition and repositioning of the hotel, said a news release.
The U.S. Small Business Administration 504 loan was arranged through an 85 percent loan-to-cost structure, with a regional bank providing a 50 percent first mortgage and a bridge lender providing the remaining 35 percent second mortgage, the release said.
