Keeping an eye on the GMI

The Besen Group has confirmed that it sold the Grand Motor Inn property at 72-51 Grand Avenue on February 14th. It was listed as "in contract" for $8.5M.  Although it was marketed as a hotel, they also had the following as part of the listing:

"The property also lends itself well to reposition for senior housing, assisted living or shelter, which meets an underserved need in the community."

Realtor Amit Doshi has confirmed that the new owner plans to keep the site a hotel and that it may become part of a name brand chain in the future.  He did not reveal the owner's name.

We're keeping an eye on property transactions to find out who the buyer is and we'll keep you posted.