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To maintain the hotels, he had to spend about $200,000 a month per hotel — losing roughly $1 million per month. “Things ... Investor Ben Mallah to sell several hotels
The house sits on a 2 1/2-acre lot on a private beach and features such amenities as a two-story paneled library, a bowling alley, large wine cellar and a huge pool. [26] Ben and Karla Mallah own this 39,000 square mansion on the Gulf of Mexico.
Last year, he reportedly sold a 12,000 square-foot home in Belleair for $8.7 million, a Sheraton-branded hotel in Fort Lauderdale for $28 million, and a handful of shopping centers across Florida.
Mallah said he made the decision to sell several of his hotels after more than a year of “bleeding” money to keep them open. To maintain the hotels, he had to spend about $200,000 a month per hotel — losing hundreds of thousands a month with no end.
Local real estate investor Ben Mallah has sold his Four Points by Sheraton Orlando International Drive hotel in a $31 million deal. Mallah, who is a manager of Largo-based Equity Management Partners and owns multiple hotels and properties, told the St. Pete Catalyst he sold the hotel at 5905 International Drive for $31 million on Aug. 24.
In addition to refinancing, Mallah credits the 1031 exchange rule as a cornerstone of his wealth-building strategy, using this powerful tax-deferral tool to continually expand his real estate ...