A $4.25 million online bid made on Auction.com has been approved by the seller, Miami-based LNR Partners LLC, a commercial mortgage special servicer.
The closing date has been tentatively set for Aug. 18, said Hunter Hotel Advisors Chief Operating Officer Lee Hunter, who is handling the listing for LNR Partners.
“Things are progressing forward,” Hunter said Thursday. “Normally it’s a two-and-a-half-month process, so this is going to go very quickly.”
On June 18, an online auction for the hotel at 2110 Walton Way ended at $4.25 million after 16 bids were placed during a two-day period. The sellers had about a month after the auction to make a decision on the sale.
The name of the top bidder has not been made public, but Hunter said the investment company that won the auction is based in the U.S. and likely will keep the property operating as a hotel. The boutique inn also had garnered interest from groups in western Europe and southeast Asia, he said.
The five-story hotel includes 144 guest rooms and suites, 10,000 square feet of meeting and event space, a courtyard pool, and The P.I. Bar and Grill.
According to city records, the 1.3-acre property has a market value of just below $12 million. The auction listing showed the hotel generating more than $3.9 million in total revenue last year.