Casey Key couple buys Osprey Inn

BUYER: Osprey Hotel Property LLC, Nokomis
SELLER: Osprey Inn LLC and Osprey Commercial Property LLC
PROPERTY: 1650 and 1660 S Tamiami Trail, Osprey
PRICE: $2.4 million
PREVIOUS PRICE: $4.19 million, April 2004 and $450,000, November 2004
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: Part-time Casey Key residents Paul and Carolyn Martin purchased the 140-unit Osprey Inn motel on U.S. 41 south of Southbay Drive in Osprey for $2.4 million. The purchase price was equal to $17,143 per unit.

With several businesses under their control, the U.K. couple is already working with architects to refurbish the property with a slight renovation ending before November. A more extensive remodel is being put together to start in April of 2010.

“We're looking at a lot of ideas,” Paul Martin says. “We're looking at what to do with the existing restaurant; we closed it because we weren't happy with the service we could provide there. We're considering maybe two restaurants, a coffee shop and other things. We're going to be remodeling the rooms to bring in executives suites and increasing the room size.”

The new ownership is also considering adding a fitness facility, improving its conference and ballroom amenities, creating six to eight office suites and possibly creating internal walkways.

“Our goal is to take a motel that's a bit of an eyesore in this area and put our mark on Osprey by doing something special there,” Martin says.

The new owners plan to create a construction refurbishing business called Resolve Projects LLC, which will occupy an office in the motel, to handle most of the motel's renovation work. The business will eventual spin off to do construction projects for other users.

Martin estimates the couple's total renovation budget at several million dollars.

Michele Fuller and Jag Grewal of Coldwell Banker Commercial represented the seller, and Laura Brooks of Coppola Realty represented the buyers. Attorney Thomas Luzier of Dunlap & Moran represented the buyer in the transaction.

The purchase entity Osprey Hotel Property LLC mortgaged the property to Investors Management Trust Inc. for $750,000.