Microtel Inn and Suites sells for $5 million
The Microtel Inn and Suites by Wyndham on Reiger Road, located off Interstate 10 at Siegen Lane, has been sold for slightly more than $5 million. Jim Clark, who developed the 82-room hotel in 1998 and has owned and operated it ever since, tells Daily Report that he sold the hotel to a group of investors from Panama City, Florida, that operate as LIG Assets Inc. “It was just time,” says Clark, a developer who also owns the Twin Peaks restaurant in Baton Rouge and is developing another in Lafayette. “I was operating it for about the past 17 years now, and they just made me an offer that was so strong I couldn’t turn it down.” Specifically, the offer was $5,027,500. The deal closed on April 18, Clark says. The new owners intend to continue operating the hotel, which Clark says has always been a profitable property. —Steve Sanoski
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