Couple exercises purchase option, buys Holiday Court Motel

BUYER: Steven and Catherine Lisay, Fort Myers Beach

SELLER: 925 Estero Boulevard LLC

PROPERTY: 925 Estero Blvd., Fort Myers Beach

PRICE: $2.2 million

PREVIOUS PRICE: $3.2 million, April 2005

LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers

PLANS, DESCRIPTION: Steven and Catherine Lisay purchased the 20-unit Holiday Court Motel on Fort Myers Beach for $2.2 million.

The price equated to $11,000 per unit.

Located near the beach, the motel features one- and two-bedroom cottages, a swimming pool, laundry facilities and boat docks. The property was originally developed in 1952.

The Lisays have been operating the motel for the past two years and recently decided to execute the lease-purchase agreement the couple had with the former owner.

“We been here running the hotel and just got our financing,” says Steven Lisay. “We've been doing some improvements over the past couple of years, things like upgrading the furniture. We certainly liked the area; we've vacationed here in the past.”

Owning and managing the hotel is a second career for the couple. Steven Lisay worked for a number of years as the controller for a manufacturing facility in New Hampshire.

The Lisays mortgaged the property to First Community Bank of Southwest Florida for $1.8 million.