HFF closes sale of Daytona Beach beachfront hotel
ORLANDO, FL – June 22, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Hampton Inn Daytona Beach/Beachfront, a 90-room, select-service beachfront hotel in Daytona Beach, Florida.
HFF marketed the property on behalf of the seller, Humphrey Realty Corp. Driftwood Acquisitions & Development LP, an affiliate of the hotel management company Driftwood Hospitality Management, LLC, purchased the asset free and clear of debt and unencumbered of management.
Formerly known as the Ocean Sands Hotel, the eight-story Hampton Inn Daytona Beach/Beachfront underwent a complete renovation and brand conversion to a Hampton Inn in 2013. The hotel features a heated outdoor pool with pool bar, pool deck, whirlpool, fire pit and children’s splash pad; fitness center that overlooks the pool deck and Atlantic Ocean; business center; on-site convenience store; and 266 square feet of meeting space. Located at 1024 North Atlantic Avenue, Hampton Inn Daytona Beach/Beachfront is directly on the sand of Daytona Beach, one of the most frequently visited coastal destinations on the East Coast. The hotel is proximate to popular Daytona destinations, including Daytona International Speedway, Daytona Beach Boardwalk, Ocean Center convention center and the LPGA International Golf Course.
The HFF investment sales team representing the seller was led by associate directors Preston Reid and Alexandra Lalos and senior managing director Michael Weinberg.
“The seller executed a fantastic overhaul to this hotel, converting it from a capital-starved independent hotel to one of the most powerful brands around in the Hampton Inn by Hilton,” Weinberg said. “This made it very desirable to a competitive field of buyers.”
"There continues to be a significant amount of equity and debt capital available for premium-branded, select-service assets in Florida, especially in high growth markets like Daytona Beach," Reid added.
About Driftwood Hospitality Management, LLC
Driftwood Hospitality Management is a leading hotel management company currently operating 44 hotels with more than 9,000 rooms throughout the United States and Costa Rica. The company’s portfolio includes a broad cross-section of branded hotels ranging from large full-service to mid-size, extended stay and limited-service properties, as well as independent hotels, boutiques and resorts. Members of the company's senior management team have an average of 20 years of experience in all segments of the lodging industry and have proven highly successful in the development of new hotels and hotel takeovers, as well as re-positioning and optimization of hotel operations. Driftwood has extensive management experience and relationships with most major brands, including Hilton Worldwide, Marriott International, Starwood Hotels & Resorts Worldwide, InterContinental Hotels Group, Inc., Choice Hotels International, Inc. and Wyndham Worldwide, and has successfully cultivated long-term relationships with some of the most renowned institutional investors and banking institutions in the world. Learn more at driftwoodhospitality.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.