MIAMI, FL—Stephan Taylor (bottom left photo), CHA, now of Hunter Realty, announced that he represented the institutional owner of the two hotels in the sale for an undisclosed price of the Palm Plaza Oceanfront Resort (top left photo) and Beachside Inn Daytona Beach Shores in Florida.
The two separate, but adjoining properties comprise 130 rooms.
Taylor’s affiliation with the properties began nearly two years ago when he provided expert witness testimony on behalf of the properties’ creditors, enabling them to successfully take back ownership of the two resorts from a portfolio of 78 affiliated entities that had filed for bankruptcy.
The buyers are experienced owner/operators of hotels throughout the southeastern U.S. The new ownership said that plans already are underway to add value by re-flagging the 100-room Palm Plaza Oceanfront Resort to the Holiday Inn Express brand.
Operated by its original owner for many years, the Palm Plaza was the room rate leader in its market, enjoying significant return business with an almost cult-like loyalty.
An unusual aspect of the transaction was the buyer’s use of an Offering Memorandum to attract investors, typically an approach used by institutional purchasers.
He has 30-plus years of specialized hotel real estate experience as a broker, operator, developer and consultant.
“The outlook for Florida is on the upswing, and I expect the hotel economy and hotel real estate in the state to recover more quickly than most other states,” he noted.
“The bid/ask spread is narrowing as both buyers and sellers are adjusting and trying to meet in the middle. Banks are becoming more active now and a little more willing to loosen their purse strings.
"There is a large pent-up demand for vacations, which gives Florida, a popular tourism destination, a competitive advantage.”
Contact:
Patrick Daly, Jerry Daly, media (703) 435-6293, patrick@dalygray.com
No comments:
Post a Comment