Investor purchases downtown hotel for $2.9 million

SARASOTA — Businessman and real estate investor Eric Baird has purchased Hotel Ranola, a boutique hotel in downtown Sarasota.

Baird Ventures acquired the hotel in January for $2.9 million, according to a press release. The building has 27 units, with nine units currently being used as hotel rooms and the rest as annual and monthly rentals. 

The hotel, at 118 Indian Place, has three employees. Rooms have full kitchens and walk-in closets. Amenities include a rooftop sundeck. It was built in 1926. 

“Today, Hotel Ranola appeals to sophisticated leisure and business travelers seeking a uniquely Sarasota experience,” says Baird, president of Baird Ventures, in a statement. “We plan to maintain Hotel Ranola’s traditional charm while enhancing the overall appeal of this centrally located property.”

Baird Ventures focuses on under-utilized residential and commercial properties in Southwest Florida with potential to improve income streams and significantly appreciate in value, the statement adds.

In January, Eric Baird paid the U.S. government a $10 million fine to settle a years-long federal investigation into alleged violations of U.S. export control laws. The case involves a shipping company Baird founded in 1997, MyUS.com. He is also one of the owners of downtown Sarasota's 8.6-acre Main Plaza mall, along with Jesse Biter and David Chessler.