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Welcome to the Fairhomes Land Investor Information website. Please read the information carefully before using this site. By continuing on this site you acknowledge that you have read and agreed to the following: Forward Looking Statements – Statements prepared by Fairhomes Land and made on the Fairhomes Land Investor Information website that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. For the purpose of establishing the Seller’s compliance with Federal Interstate Land Sale Full Disclosure Act 15 USC 1701 (“ILSA”) in the sale of lots to buyers, the enquirer confirms that they are a builder, investor or developer licensed to do business in the state of Florida and is engaged in a bona fide land sale business and is purchasing the property for the sole purpose of either constructing a residential home or selling the same in the normal course of its business. The enquirer further represents and warrants to the Seller that the enquirer is in the above referenced business sale of land sales and/or building residential homes and selling the same as an activity of continuity, regularity and permanency. The enquirer is a knowledgeable and sophisticated investor, developer or builder of real estate properties.
Tel: +1 (905) 415-9267 or +350 200 400 48

Utah, New York and Florida properties purchased

7th Jan, 2013back

Hotel investment and real estate investment trust company Summit Hotel Properties Inc has concluded the purchase of three hotels in Florida, New York and Utah.  The firm has spent almost $71.8 million on these three acquisitions. 


Summit purchased the Residence Inn, which is a property formally owned by Marriott International and situated in Salt Lake City in Utah, for $20 million.  Furthermore, it bought Hyatt Place, which is situated in Long Island, New York for $31 million and finally the Hampton Inn & Suites, which is situated in Tampa in the Sunshine State, for $20.8 million.  The firm purchased the latter two properties from OTO Development LLC.


Summit believes that the purchase of Residence Inn will offer a post-renovation estimated NTM (next 12 months) EBITDA (earnings before interest, taxes, depreciation and amortization) multiple in the range of 10 to 11.5, based upon the management's current EBITDA estimate.  The company expects to spend almost $6.5 million on the revamping of the property, with the acquisition having been first announced four months ago on 26th September 2012.  The deal was finally closed on 21st December.


Hampton Inn and Hyatt Place are expected to be capable of generating post-renovation NTM EBITDA multiples of 11-12 and 10.5-11.5 respectively.  In addition, the firm estimates that almost $0.3 million and $2 million will be spent on the renovations of Hyatt Place and Hampton Inn.  The company concluded both of those deals on 27th December.


Summit Hotel Properties also sold off the Courtyard by Marriott Hotel, which is situated in Missoula in Montana, on 11th December, with the company receiving $7.65 million in sale proceeds.

Between 1976 and 2006 the value of building plots in Florida rose from an average of $15,000 to $250,000

The Lincoln Institute of Land Policy