A Florida investor will soon take ownership of the Soleil Center property in Raleigh's Crabtree Valley.

RL Regi Financial, LLC bid $4.2 million for the 5-acre site on May 11.

Other buyers had until May 23 to submit a rival bid that had to be at least 5 percent higher. No rival bidders emerged.

RL Regi Financial is based in Miami, according to corporate records on file with the N.C. Secretary of State's office.

The entity has the same address as Rialto Capital Management, a real estate company that specializes in investing in distressed assets.

Rialto didn't return calls seeking comment.

The Sheraton Chapel Hill Hotel has been bought for $12 million by a group that includes a Singaporean holding company.

The new ownership group is a joint venture between Richfield Hospitality, a subsidiary of Singapore-based City e-Solutions Limited, and Shelbourne Falcon Investors, itself a partnership between Falcon Investors of Harrison, N.Y. and Shelbourne Capital of Radnor, Penn.

It's the latest complex transaction undertaken by the group, which has been acquiring U.S. hotels by buying the outstanding debt on properties and putting in additional equity.

The 168-room hotel off U.S. 15-501 had been owned by the Soleil Group of Cary, which paid $5.865 million for the property in July 2005, according to Orange County property records.