Canadian Hotel Homes buys South Beach Village

BUYER: Hotel Homes Florida Vacation Rentals Inc. (Rahime Juma), Kingston, Ontario, Canada

SELLER: Frontier Capital Group Ltd.

PROPERTY: 101, 103, 105, 107, 109, 111 and 115 10th St. N., Bradenton Beach

PRICE: $2.8 million

LAW FIRM ON DEED: Snyder Law Group PA, Bradenton

PLANS, DESCRIPTION: Canadian investor Rahime Juma's Hotel Homes Florida Vacation Rentals Inc. purchased seven of the eight units in South Beach Village condominium for $2.8 million.

The price equated to $400,000 per unit.

The 5-year-old condominiums are all 2,020-square-foot, three-bedroom and three-bathroom units.

Hotel Homes Florida Vacation Rentals' business plan focuses on providing hotel-level services to the rental homes it owns in the Manatee-Sarasota region. The company's specialty services for renters include airport pickup, personal concierge service, garbage collection, cleaning, and fresh linen and towel delivery.

“This combines a vacation home with all the comforts of a hotel,” Juma says. “It's really for couples with a child or seniors; people that want a little more room, but who don't need a huge mansion.”

The company already owns properties in Margarita Island, Pina Colada Shores, Sarasota Paradise Club, and Avenue E by the Sea, but South Beach Village is planned as the flagship for the company and its services.

Juma, who has a vacation home in Sarasota, says the low real estate prices have allowed him to acquire properties he couldn't have touched just a few years ago.

“Housing in Canada never went down, and our dollar is now on par with the U.S. dollar,” he says. “So with prices being low, it really represented a great opportunity to buy.”

Juma plans to market Hotel Homes Florida Vacation Rentals to renters in both the United States and Canada. Eventually, he plans to expand the firm's services to brokerage as well.

Hotel Homes Florida Vacation Rentals mortgaged the property to former owner Frontier Capital Group Ltd. for $2.4 million.