CBRE Hotels Arranges Sale of Holiday Inn Daytona Beach LPGA Blvd
14 11 2018
Hotel is located in a major expansion and development area of Daytona Beach
Daytona, Fla. – November 14, 2018 – CBRE Hotels announces the sale of the Holiday Inn Daytona Beach LPGA Blvd in Daytona Beach, Florida to Swati Hotels. Located at 137 Automall Circle, the property is a three-story,96-room full-service hotel that opened in May 2009.
CBRE Hotels’ Dave McElroy, Natalie Castillo, Christian Charre, Scott Hutchinson and Paul Weimer represented the seller, Linchris Hotel Corp.“Daytona is going through a major expansion with new entertainment and mixed-use projects coming to the market. Year-over-year the lodging market has seen a RevPAR growth of nearly 5% and we expect this trend to continue well into 2019,” said Dave McElroy, Senior Vice President at CBRE.
The Holiday Inn Daytona LPG is strategically located off Exit 265 from Interstate 95, just one exit north of the Daytona International Speedway, five miles from the Daytona International Airport, and approximately 10 miles from the beach.The hotel is surrounded by new master-planned residential and retail complexes, as well as major corporate businesses.
“Due to the location and strong brand recognition we were able to create a very competitive process,” said Natalie Castillo, First Vice President atCBRE.”Daytona is a highly attractive lodging market due to growing demand generators not just from leisure travelers to the LPGA, Daytona Speedway and Daytona Beach, but also from growing regional businesses, such as Publix Supermarkets, Halifax Medical Center and Trader Joe’s.”
Multiple major development projects are underway in the immediate area. These include Tomoka Town Center, a 170-acre community development district featuring national retailers, office space and multifamily; a recently completed expansion of Daytona International Speedway; and Latitude Margaritaville, the largest residential project in Daytona Beach history, which will feature 6,900 homes, two 200,000-sq.-ft.shopping centers as well as a private beach club. The Holiday Inn is the closest branded property to these major demand generators.
CBRE Hotels is a specialized advisory group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.