Mike Damitio, vice president of acquisition and development for the Farmington, Hills, MI-based company, tells GlobeSt.com, "We do not disclose pricing on our deals." However, Orlando hospitality industry sources familiar with the property and the Lake Mary submarket tell GlobeSt.com the asset was probably sold for an estimated $80,000 per room or an estimated total of $10 million.
Daniel Vosotas, president and CEO of Trans Inns, says the deal was the third his company has done in Florida with its financial partner, Margolick Financial Group. "Our acquisition strategy continues to focus nationwide on full and select-service hotels in strong economic markets," Vosotas says. Felix Cacciato of Hotel Equity Advisors negotiated for the seller.
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