Sarasota hotel to have two flags

There are roughly 1,000 new hotel rooms under construction in downtown Sarasota and Sarasota County — and another 400 or so keys on the drawing board — but those numbers aren't dissuading TDR Land Holdings.

The Ohio-based developer is planning to build a 200-room lodging property on nearly six acres at Fruitville Road and Interstate 75.

TDR, comprising David Schlabach and two other partners, acquired the site last month for $3.6 million from American Momentum Bank, which had foreclosed on the site.

“A lot of vehicles go by there every day, and there's only one other hotel at that highway interchange,” Schlabach says. “So we think there are a number of good reasons why this opportunity will be attractive.”

Schlabach says the six-story hotel will be dual-branded -- with the Sleep Inn and Mainstay Suites flags — to appeal to more customers.

TDR plans to start construction on the new hotel in March and complete it in early 2018.