Marcus & Millichap : Brokers the $7.4 Million Sale of La Bella Oceanfront Inn
“Through an expeditious and aggressive marketing process, we were able to get this hotel sold within 64 days of the listing date,” said Gabriel Shamay, vice president investments. “Although our process was very rapid, we did not leave money on the table as the hotel sold for an impressive room revenue multiplier of 13x and a record-breaking $185,000 per key. Our expectation is this transaction will help redefine the market value in the Daytona Beach hospitality market.”
Shamay, Christopher Passeggiata, and Ely Silverstein, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Gajanan, Inc., a local private investor.
“Our team currently has four oceanfront Daytona Beach, Florida hotels set to close in the summer of 2022,” added Passeggiata. “Hotel owners are reaching out to us to take full advantage of the market and the strong demand from the buyer pool for Florida hotel assets.”
The buyer, an investor out of Georgia, was also procured by Shamay, Passeggiata, and Silverstein.
La Bella Oceanfront Inn, located at 1400 North Atlantic Avenue, is within 15 minutes of Daytona International Speedway, Daytona Lagoon, the Ocean Center Convention Center, and other local attractions.
Built in 1953, the two-building, two-story property is situated on a 0.91-acre lot with 135 linear feet of direct ocean frontage in Daytona Beach, Florida.
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About Marcus & Millichap (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.