Coral Gables-based company, Continental Properties Acquisition Group (CPAG), is purchasing five hotels from Alena Hospitality, formerly owned by Nikesh Patel, following the scandal last year that saw him faced with federal charges.
The hotels include the former Marriott Hotel near the Bob Carr Theater, as well as the Crowne Plaza in Lake Buena Vista [Gmap] and the Doubletree by Hilton near UCF [Gmap].
CPAG will be purchasing the hotels for $87 M by the end of May.
Patel was sued by a Milwaukee-based company last year for allegedly selling more than $150 M worth of fake loans.
