Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Boardwalk Inn and Suites, a 101-room oceanfront hotel in Daytona Beach, Florida sold for $12,750,000.
“The property sits in arguably the best lot on the beach off A1A and International Speedway Blvd. We created a competitive environment that generated over 10 offers, The deal presented many difficulties including Hurricane Ian & Nicole, that created significant damage to the Hotel. Despite the difficulties, we were able to get the deal done. I want to congratulate both buyer and seller.” said Ahmed Kabani, senior managing director investments. Kabani and Lucas Mondino of Marcus & Millichap’s Kabani Hotel Group had the exclusive listing to market the property on behalf of the seller, South Atlantic Hospitality Group. Catherine O’Brien, first vice president investments of Marcus & Millichap’s Encino office, assisted the Kabani Hotel Group on the list side. Kabani, Mondino and Kian McLean brokered the sale of the hotel to the buyer, HLOM, LLC.
Hotel transactions have seen a sharp uptick as fundamentals have continued to improve, in the fourth quarter alone, The Kabani Hotel Group facilitated the sale of 10 individual hotels throughout the Southeast totaling $58,1250,00.
Boardwalk Inn and Suites is located at 301 South Atlantic Avenue, a prime beachfront position. The property is within minutes of Daytona Lagoon Water Park, Jackie Robinson Ballpark, Daytona Beach International Airport and the Daytona International Speedway.
The four and five story hotel, totaling 39,204-square-feet, was built on a 0.90-acre site in 1988. Hotel amenities include a fitness facility, outdoor pool, hot tub, direct beach access and sweeping oceanfront views.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.