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Business Observer Thursday, Apr. 21, 2011 11 years ago

Hotel to sell for $2.2 million

El Patio Hotel is the only remaining operational hotel in downtown Venice.

VENICE — El Patio Hotel, located in downtown Venice, could soon be sold to investors David and Susan McRae, according to Signature Sotheby's. El Patio is the only remaining hotel in downtown Venice, and is listed on the National Register of Historic Places.

Although a deal has not yet closed, McRae signed a contract last week offering slightly less than $2.2 million to buy the hotel from the Miles family.

Sotheby's Courtney Green and Patty Wheeler are representing the Miles family, which has owned and operated El Patio Hotel since 1948, when husband and wife Walter and Faye Miles first bought the property. Walter passed away in 1979; last June, Faye passed on as well.

McRae is being represented by Bonnie Price and Richard Bradway, who are also with Sotheby's.

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