103 unit Sheraton Four Points is in the works & Days Inn in Bradenton is sold

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(Rendering provided by Land Developers and Associates)

103 unit Sheraton Four Points is in the works

By Earle Kimel

VENICE — The developer interested in bringing a 103-room Sheraton-flagged hotel to the island of Venice said an application to the city for review is imminent.

“We have an application that’s complete,” Daniel Singh, president of Encino, California-based Land Developers and Associates Corp., said in a Monday evening phone interview. “We’ve just made a few adjustments based on the comments we’ve received. We plan to file it sometime in the next few days.”

The LDA project would be the first hotel within the city limits in two decades. It would occupy a 1.45-acre site at 775 S. Tamiami Trail but also back up to six single-family homes on Guild Drive. Employee parking is earmarked for an adjacent parcel at 805 S. Tamiami Trail. The two parcels are separated by Pine Grove Drive.

Singh said that while the design will be as responsive to the neighborhood concerns as possible, a hotel is a viable use for the site, as his company specifically purchased property where zoning would allow a hotel.

“We don’t designate areas; the city designates areas for commercial development, which allows us to put up hotels,” Singh said. “We’re always sensitive to the community; we do a lot of outreach, but at the end of the day, if the city’s vision for that was a park — or something different — then that’s what it should have been designated.”

 

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Days Inn-Bradenton sold

By John Hielscher

In a separate transaction, a Sarasota company bought the Days Inn-Bradenton Near the Gulf for $4 million.

Shree Ram of Bradenton LLC, a company managed by Rakesh Tripathi and Nimisha Patel, bought the 134-unit motel at 3506 1st St. W.

The hotel, which sits on 3.2 acres, was built in 1984, according to Property Appraiser records.

The new owner financed the purchase with a $3.9 million loan from Bank of the Ozarks.

Seller Raghav LLC, a Fort Myers company managed by Tarun I. Patel, paid $5.4 million for the motel in November 2006.

 If you are considering selling your hotel/motel, are looking to purchase existing hotels or are looking to develop, please reach out to discuss.
Sean Dreznin
Ian Black Real Estate
(941) 906-8688 x19
sean@ian-black.com
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