Monday, January 6, 2014

HFF closes sale of luxury beachfront hotel in Daytona Beach, FL


The Shores Resort & Spa, 2637 Atlantic Avenue, Daytona Beach Shores, FL

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. 

Paul Hsu
Hotel amenities include 20,000 square feet of indoor meeting space, a heated outdoor saltwater swimming pool, fitness center, Shores Kid’s Club, beachfront fire pits, the Azure Restaurant, Palapa Tiki Bar and Indulge Spa.

                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.

Michael Weinberg
 “The stewardship of Rockbridge and the resort’s management team has positioned this luxury hotel for continued near-term and long-term success in response to macro and micro market fundamentals.”   

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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