It’s been a long time coming, but the Red Rose Inn & Suites has finally sold.
The buyer, LBMT Properties LLC, is led by Louis Spiro, of Pinellas Park. Spiro purchased the 261-room Red Rose for $1.5 million.
But, despite the new owner, Plant City residents won’t see any major overhaul or “coming soon” signs. Spiro only bought it as a short-term investment.
“We’re going to remodel it, resell,” Spiro said. “That’s what we do: We buy things and re-market.”
The Red Rose has been sitting vacant for the past 18 months. Spiro said it needed to be cleaned before selling it. He hopes to put it on the market in the next month or so. He doesn’t have an idea of what the asking price will be or any potential buyers at this point.
“Still researching and finding out the best feasibility,” Spiro said.
Spiro did not attend the Aug. 16 auction last year, in Lakeland, which featured the Red Rose, as well as a plethora of other properties and equipment owned by Evelyn and Batista Madonia. At the auction, a $2.1 million bid was placed for the Red Rose but not accepted. It was $100,000 less than the Madonias paid in 2002, not to mention the $4 million they spent in renovations.
The Madonias had made their fortune in the tomato business as East Coast Brokers & Packers. The real estate and equipment assets of East Coast Brokers & Packers have been sold off through several auctions handled by Murray Wise through Crosby and Associates Inc., Woltz & Associates and Weeks Auction Co. Inc. The sales, including the Red Rose, generated $77.3 million, but creditors are owed at least $100 million.
But, it was the Red Rose that captivated the attention of Tampa Bay. After the pricey renovations, the hotel was transformed, oozing with Southern, “Gone with the Wind” charm from a bygone era.
The two-story hotel was built in 1973 and stretches across six buildings on 7.8 acres south of Interstate 4. The ballroom could sit up to 500 guests and was a popular venue from parties, dances and fundraisers.
When the Madonias’ daughter, Laurie, was diagnosed with breast cancer in 2008, the family took a step back from the business to care for her. They searched for a cure taking her everywhere — from Johns Hopkins Hospital, in Baltimore, to the Vatican. She died two years ago. Her illness, coupled with bad harvest seasons from freezes, a hurricane and a battle with cheap Mexican tomatoes, led to the family’s financial difficulties.
It was this fall from riches that caught the attention of Spiro. He first heard the story of the Red Rose on the news. It piqued his interest in investing in the forgotten hotel.
Spiro is a Pinellas Park native who is involved in the wholesale automotive business.
Contact Amber Jurgensen at ajurgensen@plantcityobserver.com.