Wednesday, October 21, 2015

Sale of Hilton Daytona Beach closed by HFF

Hilton Daytona Beach on Atlantic Ocean, Daytona Beach, FL

Michael Weinberg
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Hilton Daytona Beach, a 744-room, beachfront resort hotel on the Atlantic Ocean in Daytona Beach, Florida. 

HFF marketed the property on behalf of the seller, an affiliate of LNR Property.

The Hilton Daytona Beach is an expansive, twin-tower hotel located directly on the sand across the street from Daytona’s Ocean Center convention facility. 

The property features 16- and 11-story towers joined by a centralized lobby and amenity deck, retail outlets, spa and more than 60,000 square feet of function and meeting space. 

Additionally, the hotel has multiple dining options including the Hyde Park Prime Steakhouse; Doc Bales’ Grill; Clocktower Lounge; Legends Sports bar, which houses Jeff Gordon’s famous No. 24 DuPont car; and numerous indoor and outdoor bars.

 The hotel is connected to the 110,000-square-foot Ocean Walk Shoppes, not included in the offering, which is a mixed-use entertainment facility with additional restaurants and a movie theater.  The property is less than five miles from the Daytona International Speedway and Daytona International Airport.

Max Comess

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Max Comess and director Michael Weinberg.

“This transaction is a strong testament to the recovery of Daytona Beach and Florida’s secondary resort markets, which are growing at a faster pace in 2015 than the state’s primary resort destinations like Miami,” Comess said.  

“The international interest among investors for the Hilton further confirms that Daytona has all the necessary ingredients and infrastructure to be the next Fort Lauderdale or Clearwater Beach.”

According to Smith Travel Research, for the first half of 2015, the greater Daytona Beach market saw revenue per room growth of 13.3 percent compared to the same period in 2014.  

Similar secondary resort markets in Florida, such as Fort Myers and Melbourne, saw rates of 15.5 percent and 18.0 percent, respectively, during the same time period.  By comparison, Miami and Orlando realized growth rates of 7.4 percent and 8.7 percent, respectively.  The U.S. national revenue per room growth rate was 7.2 percent.
For legal counsel, the seller was represented by the Miami office of Bilzin Sumberg Baena Price & Axelrod LLP.  The Chicago office of Latham & Watkins LLP represented the buyer.

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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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