Sarasota AmericInn sells for $6.3 million

A Pennsylvania company has bought the 111-room AmericInn Hotel & Suites in Sarasota, Fla., for $6.3 million, the Herald Tribune reports. The buyer of the property was RJ Hotels, a Swarthmore, Pa.-based company managed by Jiten Patel.

The company financed its purchase with two loans totaling $5.5 million from First America Bank, records show.

The seller was THI IV Sarasota AI LLC, an Annapolis, Md., company.

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THI IV paid $9 million for the 68,128-square-foot hotel in August 2005. It was built in 1999.

There is no word what will become of the property, but its website as of today is down.

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