National Hospitality Consulting Group buys, renovating Fairfield Inn Fort Myers

BUYER: OM Capital FM LLC (manager: Dipesh Patel), Tampa
SELLER: Cypress Lake Hotel Limited Partnership
PROPERTY: 7090 Cypress Terrace, Fort Myers
PRICE: $4.22 million
PREVIOUS PRICE: $675,000, August 1997
LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando

PLANS, DESCRIPTION:
Fort Myers-based National Hospitality Consulting Group purchased the 104-room Fairfield Inn Fort Myers for $4.22 million.

The price equated to $40,577 per unit/room.

The new owner plans to extensively renovate the hotel and scale it back to 100 rooms and suites.

“We're converting it into a Fairfield Inn and Suites,” says Mike Patel, senior vice president of acquisitions for National Hospitality Consulting Group. “Our decision came down to both the age of the hotel — it was built in 1998 and there hasn't been any significant renovations since it was originally constructed — and bringing it up to new standard as much we can can.”

National Hospitality Consulting Group has budgeted $2.1 million to make several improvements, including adding new amenities, meeting and conference rooms and making several design changes. Construction is scheduled to begin in September.

Patel says the Fairfield Inn is the firm's second hotel in the Fort Myers area, but that it sold its first hotel in Fort Myers nearly a decade ago.

“We liked the central location in Fort Myers,” he says. “We also liked that it was the Marriott hotel brand and the price per key. We felt that by acquiring it at that price that it was a great strategic play.”

National Hospitality Consulting Group owns 13 hotels and has another two hotels in its acquisition pipeline, according to Patel.

The purchase entity, OM Capital FM LLC, mortgaged the property to Access Point Financial Inc. for $5.5 million.