Microtel Inn & Suites sells for $2.6M

The Microtel Inn & Suites by Wyndham on Rieger Road, off I-10 at Siegen Lane, was recently sold for some $2.6 million, according to sales documents.

Local developer Jim Clark developed the 82-room hotel in 1998 and initially sold the hotel to a group of investors from Panama City, Florida, in 2014 for more than $5 million. The building was foreclosed in 2016 and acquired by Kansas-based Midland Loan Services Inc., a division of PNC Bank, last fall.

Doing business as Zodiac21 Inc., Arun Kaushal, of Florida, bought the 1.7-acre property from Midland on Monday.

Kaushal was unable to be reached by this morning’s deadline for more information.

The transaction is the latest real estate deal in the Siegen Lane area. Last week, Siegen Village Shopping Center, located across from Target, was sold for $18 million.

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