Kentucky investor buys hotels for $5 million

BUYER: Charlotte Host LLC (principal: Phil Greer), Lexington, Ky.
SELLER: Hotel Enterprises of Port Charlotte
PROPERTY: 24440 Sandhill Blvd., Port Charlotte
PRICE: $2.5 million
PREVIOUS PRICE: $370,000, April 1999

SELLER: Hotel Management of Port Charlotte
PROPERTY: 24480 Sandhill Blvd., Port Charlotte
PRICE: $2.5 million
PREVIOUS PRICE: $413,400, June 1996
LAW FIRM ON DEED: Wellbaum & Emery PA, Englewood

PLANS, DESCRIPTION: An investment group led by majority shareholder Phil Greer of Lexington, Ky., purchased two adjacent Port Charlotte select services hotels for $5 million.

The price equated to $35,461 per room.

The acquisition included the 69-room Holiday Inn Express, which offers a meeting room and outdoor pool, and the 72-room Hampton Inn, which was built in 1997.

The new ownership has hired NorthStar Hospitality LLC of Lexington, Ky., to manage the hotels.

“This was a step out of the box for us,” says Bill Kirk, director of operations for NorthStar Hospitality LLC. “Our experience has really been in the northern states. We are really excited; it's a great location. We are looking forward to becoming a part of the business community.”

The new ownership plans to invest $1.5 million in the two hotels on renovations and upgrades. It plans to upgrade the Hampton Inn room bathrooms, carpeting, and air-conditioning systems. To meet the latest brand standard, the ownership will also renovate the Hampton Inn's lobby, exterior, and pool, and add a fitness facility.

The Holiday Inn Express, which was renovated two years ago, will receive a new lobby and carpets, and have its interiors and bathrooms renovated.

Kirk says the two hotels are already performing well.

Greer-led investment groups own five other hotels in Ohio, Virginia and Kentucky.

The purchase entity Charlotte Host LLC mortgaged the properties to Central Bank & Trust Co. for two loans totaling $5.2 million.