Minnesota's TPI Hospitality buys Pierview Hotel & Suites

BUYER: Grand Resort II-Ft. Myers Beach LLC (manager: Thomas Torgerson), Willmar, Minn.
SELLER: Shree Somnath LLC
PROPERTY: 1160 Estero Blvd., Fort Myers Beach
PRICE: $10.9 million
PREVIOUS PRICE: $7.5 million, Citizens Alliance Bank
LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers

PLANS, DESCRIPTION:
Willmar, Minn.'s TPI Hospitality purchased the 70-unit Pierview Hotel & Suites for $10.9 million.

The price equated to $155,714 per unit.

The waterfront hotel features a mixture of suites, hotel rooms, a cafeteria and outdoor swimming pool.

“They wanted a presence on Fort Myers Beach,” says Tina McCain Matte, of Gravina, Smith, Matte & Arnold Marketing and Public Relations, who spoke on behalf of TPI Hospitality.
“They felt it was a great market and a great opportunity for them. Otherwise, it's business as usual.”