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HREC Investment Advisors Arranges the Sale of the
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. About HREC For additional information on the property, please contact: Scott Stephens - Senior Principal & COO Visit HREC's website at www.hrec.com |