Laxmi Investments has sold the 48-room Econo Lodge in North Fort Myers, Fla., to Shiva 13301 for an undisclosed price. Other terms of the deal were not disclosed. The DSH Hotel Advisors team of Dennis Hopper, managing principal, and Randy Taylor, SVP of investments, held the exclusive listing with the seller and also represented the buyer.
"North Fort Myers commerce is strong in this location and the rebound from Hurricane Ian is evident and ongoing," Hopper said in a statement. "We had a large interest response to this asset, and we are excited to have achieved healthy market pricing for a Florida-based buyer, who recognizes the value in the location of the Econo Lodge in North Fort Myers and will be able to capitalize on the upward trend in revenue."
DSH Hotel Advisors generated 200+ signed confidentiality agreements from qualified buyers and received multiple offers from buyers throughout the country during the exclusive listing with the seller.
"North Fort Myers is rapidly growing and finally receiving the capital needed to improve the area," Taylor said. "Due to the location of the asset, the hotel has significant upside potential remaining for the new owner through capital improvements and property operations. Hurricane Ian forever impacted this region, which made this a unique acquisition opportunity for the buyers (Shiva 13301, LLC), and we expect them to be highly successful as the area continues to rebuild / modernize."
The Econo Lodge by Choice Hotels is located in North Fort Myers with direct frontage and high visibility from Highway 41. The property has been recently renovated and remains in good condition due to an ongoing capital improvement plan.