Fort Myers Patel family buys two Clark hotels

BUYER: Shree Sainath Hospitality LLC (principal: Pratima Patel), Fort Myers
SELLER: Kirby D. Payne as receiver in AERL LC v. Sarasota Hotels LLC, et al.,
PROPERTY: 5774 Clark Road, Sarasota
PRICE: $2.51 million
PREVIOUS PRICE: $3.25 million, August 2005

BUYER: Shree Shree LLC (principals: Tarunbhai and Pinakin Patel), Fort Myers
SELLER: Kirby D. Payne as receiver in AERL LC v. Sarasota Hotels LLC, et al.,
PROPERTY: 5778 Clark Road, Sarasota
PRICE: $2.51 million
PREVIOUS PRICE: $4.25 million, November 2001
LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers

PLANS, DESCRIPTION: Pratima, Tarunbhai and Pinakin Patel purchased the 62-unit Comfort Inn and the 62-unit Days Inn for a total of $5.01 million.

The price equated to $40,432 per room.

The Comfort Inn has since been renamed and rebranded as a Quality Inn. The two 16-year-old hotels were both previously owned by Sarasota Hotels Inc., which lost the property to AERL LC in April.

All three of the owners are affiliated with the Howard Johnson Inn in Fort Myers. Calls to the Patels for comment were not returned prior to deadline.

The Shree Shree LLC mortgaged the Quality Inn to First Community Bank of Southwest Florida for $1.76 million.