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NAPLES, FL—The distressed Hampton Inn & Suites hotel has a new owner. TerraCap Partners snapped up the 120-room hotel on Fort Myers Beach for $4.5 million, or about $37,500 a key. The price represents less than half the replacement costs.

“There are many sellers of assets now and for secondary markets there are relatively few buyers,” Bob Gray, managing partner of TerraCap Partners, tells GlobeSt.com. “We buy all cash, can move quickly because we are local and know the markets well, so are more comfortable with limited representations and warranties which sellers want. That helps the ability to access transactions at low prices.”

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