Polk County: Altamonte Springs buyer pays $3M for Maingate Inn

BUYER: SEP Real Estate (manager: Paras Kayastha), Altamonte Springs
SELLER: KSG Hospitality Group Inc.
PROPERTY: 43824 U.S. Highway 27, Davenport
PRICE: $2.95 million
PREVIOUS PRICE: $2.13 million, March 2012
TITLE FIRM ON DEED: Premier Florida Title LLC, Altamonte Springs

PLANS, DESCRIPTION:
A company led by Paras Kayastha of Altamonte Springs purchased the 104-room Maingate Inn & Suites at Four Corners for $2.95 million.

The 5.32-acre property, located at the southwest corner of Interstate 4 and U.S. Highway 27, houses four motel buildings and an office. Amenities include a business center, laundry facilities, a restaurant and bar, meeting space and an outdoor swimming pool.

Built in 1972, the 61,807-square-foot hotel was renovated in 1996 and operated as the Holiday Inn Express Hotel & Suites, Disney South for several years. The property is 20 minutes from Walt Disney World.

The purchase entity, SEP Real Estate, obtain a mortgage on property from Stearns Bank National Association for $2.79 million.