Local businessman and real estate investor Eric Baird has purchased Hotel Ranola, a boutique hotel in downtown Sarasota with 27 units. Built in 1926, the hotel at 118 Indian Place initially catered to snowbirds seeking an escape from harsh Northern winters.
“Today, Hotel Ranola appeals to sophisticated leisure and business travelers seeking a uniquely Sarasota experience,” said Baird, president of Baird Ventures. “We plan to maintain Hotel Ranola’s traditional charm while enhancing the overall appeal of this centrally located property.”
Baird Ventures acquired the hotel in January for $2.9 million. Hotel Ranola is just steps from Sarasota attractions, including movie theaters, shops, performing arts, spas, nightlife, dozens of restaurants and the Sarasota bayfront. It is four miles from Lido Key Beach and the John and Mable Ringling Museum of Art.
The hotel, which has three employees, offers spacious rooms offer urban décor, full kitchens, and walk-in closets. Amenities include a rooftop sundeck.
Under Baird’s leadership, the Sarasota firm is focusing on under-utilized residential and commercial properties in Southwest Florida with potential to improve income streams and significantly appreciate in value.