for immediate release
HREC Investment Advisors Arranges the Sale of the
Sleep Inn Hotel - Ormond Beach, Florida
(Denver, Colorado; Orlando, Florida) - HREC Investment Advisors announced the recent sale of the 81-guestroom Sleep Inn Hotel located at the I-4 and North Williamson Boulevard interchange in Ormond Beach, Florida.
HREC was the exclusive representative of the seller, Ormond Beach Hotel LLC, which took ownership of the property by foreclosure in January 2012. The sale was negotiated by Paul Sexton, Vice President in HREC Investment Advisors' Orlando office and Scott Stephens, Senior Principal & COO and head of the firm's Southeast practice. The buyer was Roshan Hospitality LLC.
According to Paul Sexton, "Through 2011, occupancies in the greater Daytona Beach market were up 3.0% over 2010. Although this does not indicate as strong of a recovery trend as in other markets within Central Florida, it does mean that hotel values have not accelerated as quickly as in Orlando and Tampa, making hotel acquisitions in a world-class destination still affordable for some buyers."
Said Scott Stephens, "Over the years, HREC has been very active in brokering hotels in the Daytona Beach market. The market has been highly dynamic since 2009, marked by many ownership changes. Because of our deep commitment to the Daytona Beach market, we look forward to bringing together other buyers and sellers of hotels, including on our current listing of the Days Inn on Speedway Boulevard in Daytona Beach."
HREC Investment Advisors is the most active national hotel brokerage firm in the Central Florida region. In addition to the recent sale of the Sleep Inn, HREC has eight other hotel listings from Daytona Beach to Tampa Bay, four of which are currently under contract of letter of intent.
HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com.
For additional information on the property, please contact:
Paul Sexton - Vice President
Scott Stephens - Senior Principal & COO
Ashley Hunt - Director of Marketing
Visit HREC's website at www.hrec.com