Green Touch Builders | South Florida firm set to buy 5-hotel portfolio for $87M
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March 16, 2015 By SEO Admin

South Florida firm set to buy 5-hotel portfolio for $87M

A South Florida firm appears to be getting ready to buy a five-hotel property portfolio for a rumored $87 million from troubled Orlando businessman Nikesh A. Patel.

Coral Gables-based Continental Properties Acquisition Corp. reportedly is scheduled to close on the purchase of Patel’s Alena Hospitality portfolio in May, real estate sources said. Continental Properties last fall had signed a letter of intent to buy the portfolio from Patel, who has been facing charges of loan fraud since being arrested…