A 111-room Holiday Inn Express & Suites at 3427 Forum Blvd. in Fort Myers has sold for $11.1 million, changing hands for roughly $1.4 million less than what its previous owner paid for it a decade ago. The buyer is identified in county records as Haven Street Lodging LLC, though the deal was reported in the market as an acquisition by Archer Capital Group.
According to Business Observer, Archer Capital Group paid $11.1 million for the property, a figure the outlet attributes to CoStar. Lee County records list the buyer as Haven Street Lodging LLC, and one of that LLC's managers is Archer's managing principal, the paper reports. The seller was American Hotel Income Properties, known as AHIP, which paid $12.48 million for the hotel in 2016, according to Lee County property records cited by the Business Observer.
The sale closed as a 1031 exchange, a transaction structure that lets a seller defer capital gains taxes by reinvesting proceeds into another property, and it included all of the hotel's furniture, fixtures and equipment, per the same report. On LinkedIn, Berkadia's Dylan Jones wrote that the 1031 buyer used proceeds from another hotel his team had previously sold for them.
A Decade-Old Property Gets a Fresh Look
The six-story hotel was built in 2009 and spans 66,292 square feet, the Business Observer reports. It underwent a complete renovation in December 2020, giving the property a relatively fresh interior heading into its latest sale.
Berkadia handled both sides of the transaction. Natalie Jaramillo represented the buyer, while Jaramillo, Dylan Jones, Larissa Isenberg and Kyle Stevenson represented the seller, according to the Business Observer's report.
Part of a Bigger Sell-Off
The Fort Myers deal fits into a much larger pattern for AHIP, a Vancouver-based real estate investment trust that has been offloading hotels as part of a strategic review. CoStar reported that Archer Capital Group acquired the hotel from American Hotel Income Properties REIT for $11.1 million, or $100,000 per room, and described the sale as part of the seller's portfolio wind-down strategy.
AHIP's own disclosures back up that picture of a company in retreat from its hotel holdings. The REIT's August MD&A had listed the Fort Myers property as under a purchase-and-sale agreement, expected to close in the third quarter of 2026, as one of four hotels projected to bring in combined gross proceeds of $32.5 million at a blended 4.6% cap rate.
By September, the pace had only picked up. citybiz reported that AHIP had signed purchase-and-sale agreements for five individual hotels that month and expected a sixth to be under agreement within 10 days, with the newly identified six-property group projected to generate roughly $95 million in gross proceeds if completed. The company also reported about $42 million in unrestricted cash as of September 24, up from $21.5 million at the end of June, per citybiz.
How It Compares to Other Florida Deals
The Fort Myers sale lands in a market where similar extended-stay and limited-service hotels have fetched varying prices depending on size and location. A 119-room Holiday Inn Express in Brandon, outside Tampa, sold for $16 million, with Berkadia's Michael Weinberg, Preston Reid, Kyle Stevenson and Wyatt Krapf arranging that deal on behalf of seller Spring Bay Property Co., as reported by REBusinessOnline; the buyer in that transaction was not disclosed.
Archer Capital Group has also been active outside Florida. The firm purchased the 65-key Homewood Suites by Hilton Augusta from an institutional seller, according to Hotel Business, though that report did not disclose a sale price. Together, the deals suggest Archer continues to add to its hotel portfolio even as AHIP works through its own disposition list.
