Michigan hotel owner buys Isis Hotel

BUYER: RK Hospitality LLC (principal: Priyam Patel), St. Petersburg

SELLER: Hotel Isis Exchange LLC

PROPERTY: 17566 Gulf Blvd., Redington Shores

PRICE: $4.25 million

PREVIOUS PRICE: $3 million, March 2010

LAW FIRM ON DEED: Macfarlane Ferguson & McMulen, Clearwater

PLANS, DESCRIPTION: Hotelier Priyam Patel purchased the 42-room Isis Hotel on Redington Shores for $4.25 million.

The price equated to $101,190 per unit.

The gulf-front development had an average occupancy of 60%.

John Marra of NAI Tampa Bay represented the seller and Errol D'Souza of Laurel Real Estate in Westerville, Ohio, represented the buyer.

“This is a very unique boutique hotel,” says John Burpee, chairman and owner of NAI Tampa Bay. “All of the rooms were renovated in '05 and '06 for a condo-tel project. The units were all over the top with tile floors and high-quality finishes.”

The 60-year-old property had no distress, according to Burpee.

Patel's RK Hospitality previously owned hotel properties in Michigan, but he and the company are transitioning to Florida.

The purchase entity RK Hospitality LLC mortgaged the property to Aileron Fixed Income Fund I LLC for $2.1 million and the Florida Business Development Corp. for $1.51 million.