Delray Beach investor buys Holiday Inn Express Sarasota East

BUYER: Boulder Hotel-FLA LLC (principal: Malcolm Berman), Delray Beach
SELLER: CIS Sarasota LLC
PROPERTY: 5730 Gantt Road, Sarasota
PRICE: $9 million
PREVIOUS PRICE: $7.28 million, July 2011
LAW FIRM ON DEED: GrayRobinson PA, Tampa

PLANS, DESCRIPTION: Boulder Hotel-FLA LLC, a Delray Beach-based acquisition entity led by Malcolm Berman, purchased the 101-unit Holiday Inn Express Sarasota East-I-75 for $9 million.

The price equated to $89,109 per unit.

The 51,172-square-foot, four-story hotel was built in 2003. The property features an outdoor pool, business center, laundry facilites and a fitness center.

Berman is co-owner of the 340-room Princess Royale Oceanfront Hotel & Conference Center in Ocean City, Md.

The seller, Tampa-based DeBartolo Development LLC, has owned the hotel since July 2011.