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| The Shores Resort & Spa, 2637 Atlantic Avenue, Daytona Beach Shores, FL |
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| Scott Hall |
SAN DIEGO, CA – HFF announced today that it has closed the
sale of The Shores Resort & Spa, a 212-room, luxury beachfront hotel
in Daytona Beach, Florida.
HFF
marketed the hotel on behalf of the seller, Rockbridge. The asset was acquired by Garrison
Investment Group.
The
Shores Resort & Spa is located at 2637 South Atlantic Avenue on Daytona
Beach Shores, a five-mile long barrier island between the Atlantic Ocean and
the Intracoastal Waterway.
The hotel is close to the Daytona International Speedway,
Interstates 4 and 95, and is less than a one hour drive from Orlando.
Originally built in 1974, The Shores underwent a $30 million
renovation in 2005, and is the only AAA Four Diamond-rated hotel in
Daytona.
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| Paul Hsu |
The
HFF investment sales team representing the seller was led by managing director
Scott Hall, senior managing director Dan Peek, and associate directors Paul
Hsu and Michael Weinberg.
“The market for Florida oceanfront resorts is as strong as
it has been since 2006 or 2007,” noted Peek.
“Resort asset performance and market values are expanding beyond SE
Florida and every corner of the state is in the growth mode.”
“The Shores is a tremendous asset which has experienced
strong performance growth coming out of the downturn,” noted Hall.
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| Michael Weinberg |
According to Smith Travel Research data, the resort segment
led the hospitality industry location segments through October 2013 with 6.7
percent growth in revenue per occupied room compared to the same period in
2012.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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