Best Western Plus hotel bought back by former owner

BUYER: Best Hospitality LLC (principals: Pravin Gadhia and Ravi Patel), Bradenton

SELLER: Perfect Hospitality LLC

PROPERTY: 2215 W. Cortez Road, Bradenton

PRICE: $2.75 million

PREVIOUS PRICE: $2.9 million, April 2011

LAW FIRM ON DEED: Wallack Law Firm, Sarasota

PLANS, DESCRIPTION: A company headed by hoteliers Pravin Gadhia of Bradenton and Ravi Patel of St. Petersburg purchased the 50-unit Best Western Plus Manatee Hotel for $2.75 million.

The price equated to $55,000 per unit.

Built in 2008, the three-story hotel features four suites. It also includes a laundromat, heated outdoor swimming pool, fitness facility, meeting room, business center and coffee shop.

Patel knows the property well. One of his companies, Nakul LLC, sold the hotel to the former owner Perfect Hospitality LLC last year for $2.9 million.

Calls to Patel and Gadhia for comment were not returned prior to deadline.

The purchase entity Best Hospitality LLC mortgaged the property to USAmeriBank for $2.8 million.