Marcus & Millichap : Brokers the $7.4 Million Sale of La Bella Oceanfront Inn
June 15, 2022 at 03:03 pm
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DAYTONA BEACH, Fla., June 14, 2022 - 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 La Bella Oceanfront Inn in Daytona Beach, Florida. The 40-room boutique hotel sold for $7.4 million.
"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.
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Marcus & Millichap Inc. published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2022 19:02:05 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.