Kiran Patel-led group buys Hilton Garden Inn

BUYER: Excel Holdings 1 LLC (principal: Kiran Patel), New York City
SELLER: GECMC 2006 C1 University Drive LLC
PROPERTY: 12600 University Drive, Fort Myers
PRICE: $9.14 million
PREVIOUS PRICE: $14.5 million, March 2005
TITLE FIRM ON DEED: Novare National Settlement Service LLC, Tustin, Calif.

PLANS, DESCRIPTION: An investment group led by Tampa real estate investor and health care executive Dr. Kiran Patel purchased the five-story Hilton Garden Inn for $9.14 million.

The price equated to $72,500 per room or $123 per square foot.

The 74,237-square-foot, 126-room hotel occupies a 2.78-acre parcel and was built in 2001. The hotel features a fitness center, outdoor swimming pool, full-service restaurant and business center.

Patel, a cardiologist, is better known for growing WellCare Health Plans Inc. into the fifth largest HMO in the United States. A prominent real estate investor, he is chairman and president of Freedom Health and Optimum Healthcare Inc.

The purchase entity Excel Holdings 1 LLC mortgaged the property to LMREC III Holdings II LLC for $8.25 million.