California investment group buys Cleveland Avenue Holiday Inn

BUYER: Jassas Capital LLC (managers: Dr. Sarabjit Mangat, Dr. Ravinder Singh, Dr. Jatinder Pruthi and Sunny Pahl), Encino, Calif.
SELLER: 786 OM Myers LLC
PROPERTY: 2431 Cleveland Ave., Fort Myers
PRICE: $5.15 million
PREVIOUS PRICE: $3 million, April 2011
LAW FIRM ON DEED: The Kuhn Law Firm, Fort Myers

PLANS, DESCRIPTION: The Encino, Calif.-based investment group, made up of Singh family and led by Daniel Singh, purchased the 122-room Holiday Inn Fort Myers Downtown Historic for $5.15 million.
The price equated to $42,213 per unit.

The four-story, 66,688-square-foot hotel occupies a 3.4-acre parcel. Its rooms include 37 with king beds and 85 with queen beds. Originally built in 1990, it was renovated in 2012 and 2013 to meet the Holiday Inn property improvement requirements. The hotel includes two elevators, an outdoor swimming pool, the Cafe Escape Restaurant & Bar, two meeting rooms, a fitness center, laundry room and business center.

The new ownership plans to invest $500,000 in the property to increase the hotel's visibility and complete the renovations on the fourth floor.

The group already owns the Best Western Airport Inn on Daniels Parkway in Fort Myers and the Four Points by Sheraton Fort Myers Airport.

“We're taking a significant position in Fort Myers,” Singh says. “We like what the city is doing and the redevelopment that is happening in Fort Myers. We want to have at least five properties in this market.”

The purchase entity, Jassas Capital, mortgaged the property to HomeBanc NA for $3.9 million.