Fort Myers, Fla.-based Carrol Properties sold the 108-key Best Western Fort Myers Waterfront to an Ohio-based investor. HREC Investment Advisors arranged the sale. Jonathon Ruprai, the real estate advisory firm’s SVP in its Tampa, Fla., office, led the marketing, negotiations and finale sale.
The hotel features a heated outdoor pool, a private pier and a boat dock, an onsite lounge and two onsite restaurants. It is located near Fort Myers’ major demand generators, including jetBlue Park at Fenway South, the city’s downtown area and miles of beaches at Fort Myers Beach and Sanibel Island. The Edison and Ford Winter Estates Museum is within a few miles of the Best Western Fort Myers Waterfront, as are a variety of shopping experiences.
“The seller owned and operated the hotel for approximately 19 years, and during its hold period, capital was continuously put back into the asset, which in turn allowed the seller to improve revenue and operations,” Ruprai said in a statement. “The buyer was drawn to the opportunity for a number of reasons, but specifically the uniqueness of the asset when compared to the competition. It plans on further growing revenue by capitalizing on the hotel’s recent improvements, along with the robust growth taking place in Fort Myers.”