Entrepreneurs buy Venice Holiday House

BUYER: 41 Bypass LLC (50% interest) and RD Venice Hotel LLC (50%), Sarasota

SELLER: CB Florida Holiday House Holdings LLC

PROPERTY: 455 N. U.S. 41 Bypass, Venice

PRICE: $1.3 million

PREVIOUS PRICE: $10 million, August 2006

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: Two Sarasota entrepreneurs purchased the 167-unit Holiday House hotel in Venice for $1.3 million.

The price equated to $7,784 per room.

The buyers used the corporate identities 41 Bypass LLC and RD Venice Hotel LLC for the purchase.

Built in 1974, the five-building hotel features a separate 14,241-square-foot restaurant. The buyers will consider renovating the hotel and rebranding it with a national flag. The hotel was last renovated in 2003.

The property was formerly owned by IberiaBank, which took it over in a foreclosure from Venice-based Best Southwestern Motels Inc.

41 Bypass LLC and RD Venice Hotel LLC mortgaged the property to the Kompo Family Co. LLC for $1.38 million.